...Oleg Ananyin; Denis Melnik The article traces trends in Soviet economic discourse from the 1920s until perestroika. We examine the works of leading political economists of this period through the lens of debates on market exchanges under socialism—the central theoretical issue of the political...

... fundamental premise, “This mass of commodi- ties does not merely satisfy a need, but satisfies it to its full social ex- tent O (b) Total need for the output of an industry exceeds its output. In this case, market value is determined according to the value of the commodities produced under...

...) not available to Marx and Lenin. Perhaps the most important of these for our purposes is that commodity production and market exchange must continue, indeed in some ways expand, under socialism. Why? Partly, Dobb suggests, because of the continued existence of collective farm property, which...

..., however, the analysis moves to a less abstract level-i.e., closer to the concrete-in-thought-and commodities are now assumed to be produced under multiple conditions. It is here that Marx introduces the category market value in order to emphasize the opposition between individual and social...

... and services can be sold and bought on the market against money, and only so far as this is the case, can men use money prices in reckoning” (208-9). For Mises, the impor- tance of monetary calculation is that it “is the guiding star of action under the social system of the division of labor” (229...

... nonequivalent exchange within the Marxist paradigm and attempts to create a monetary zone of the ruble encountered difficulties from the outset. Monetary reforms in socialist countries showed the need to adapt to the world (capitalist) market. [email protected] [email protected]...

.... 114). Under simple exchange economy, which Marx perceived as a transition stage be- tween feudalism and capitalism, market exchange, private property, and individualistic egoism conduce to the isolation of individuals, the creation of alien market forces beyond social control...

... predetermined concept of social welfare. Individualist models of government start from the premise that individuals are the appropriate decision-making units and the fea- tures of exchange in the market should be applied to individual exchanges with government (Buchanan 1949, 496). This was an ethical...

... property which they had not pro- duced.14 In effect, this society closely resembled what many present-day writers advocate under the name of decentralized, free- market socialism. Only under all of these circumstances, Thompson insisted, would free-market exchange a1 ways...

... and Pareto’s respective claims that the gain from exchange under free competition is an absolute maximum for each trading agent as well as for all agents as a whole (Ingrao and Israel [1987] 1990, 110–11; see also Pålsson Syll 1993; and Boianovsky 2014, sec. 3). As relevant as they are, Wicksell’s...

... of the simplest elements that constitute the complex phenomena under consideration, and then to an attempt to map these elements into the larger wholes. In the case of a monetary as well as a barter exchange, Menger ([1871] 1950, 116) retraces value through its primary causes, namely the economizing...

... of Exchange. Atlantic Economic Journal 6.3 : 17 -30. Schumpeter, J. 1942 . Capitalism, Socialism,and Democracy . New York: Harper and Row. Vaughn, Karen. 1980 . Economic Calculation under Socialism: The Austrian Contribution. Economic Inquiry 18 : 535 -54. ____. 1994 . Austrian Economics...

... to a challenge.’ Paper delivered at the Allied Social Science Associations meetings under the joint auspices of the American Economic Association and the History of Economic Society, San Francisco, December 30. Mimeographed, 29 pp. Jaffé , William 1975 . ‘Léon Walras, an economic advisor manqué...

... , D. A. ( 1972 ). “Competitive Tçtonnement Exchange Markets.” Kyklos 25 , no. 2 (1972): 345 -63. Walker , D. A. ( 1973 ). “Edgeworth's Theory of Recontract.” Economic Journal 83 , no. 329 (March 1973): 138 -47. Walras , L ( 1874 , etc.). Eléments d'économie politique...

... of production (without taking account of the change in values that this causes). According to this definition, the separation between production and exchange is incorporated at an “earlier” stage than Groll and Orzech believe; for them, VCC expresses market disequilibrium around given values (even...

...- tion” (192). Prices are overt symptoms of deeper endogenized forces (causes or tendencies) in action; these forces direct the economizing of individuals, that is, the endeavors of individuals to satisfy their needs. Markets are both physical places and social institutions where...

... approach to pricing because two different principles were operative: commutative justice for determining price and distributive justice for income distribution and the preservation of social status. Barrera / Exchange Value Determination 91 2.2 Just Price as the Market Price...

... “The Problem of Social Cost” (1960) that emerged from it, argued that, in theory, market/exchange-based processes could efficiently resolve market failure problems—an insight that, in the hands of George Stigler (1966, 113), soon became known as the “Coase theo- rem.” As Coase himself emphasized...

.... Economic union: characteristics of a common market and also a harmonization of economic policy 5. Economic and monetary union: not only an economic union, but also fixed exchange rates and a coordination of monetary policy, and eventually a common currency 4. A Brief Historical...

... in France, among them the famous Champagne fairs, were well organized by the start of the twelfth century (Milgrom, North, and Weingast 1990). In short, there were well- developed markets and plenty of voluntary exchanges in Montaigne’s time. The times during which Montaigne lived were, in many...