JEL code P
Economic systems
How do different ways of organising a market economy compare?
Emerged 1920
Ludwig von Mises's essay on economic calculation argued that a socialist economy without market prices could not calculate costs rationally, which began the socialist calculation debate.
SourceHistory of Economic Thought website: Ludwig von Mises (opens in a new tab)
An example
The “varieties of capitalism” framework (Hall and Soskice, 2001) contrasts coordinated economies like Germany and Japan with liberal ones like the UK and US.