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Oscar Lange's Liberal Socialist Model

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Answers can be in point form if its easier for you. I'm just trying to gain some knowledge on this, as I want to be able to take part in class discussions and possibly write an essay.

Who is Oscar Lange?

What is the Basis (or summary) of Oscar Lange's Liberal Socialist Model?

What are the strong and weak points of Oscar Lange's Liberal Socialist model?

What are the strong and weak points of this model from an economic perspective? (with possible comparisons to capitalism if possible)

Also what are some books related to this subject, so I could read up on this as well.

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Solution Summary

This solution offers a description of Oscar Lange, a summary of his Liberal (Market) Socialist model and its strengths & weaknesses along with a listing of supplementary readings.

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Who is Oscar Lange?

Oscar Lange was a professor at the University of Chicago and a noted economist who devoted much effort to developing the theory of Market Socialism, also known as Liberal Socialism. When Dr. Lange returned to his native Poland following WW-II to accept the position of Economics Minister, he found the system so tightly controlled upon Stalinist norms that he was unable to give his system trial and soon resigned in despair.

Oscar Lange & Market Socialism Model: Description with Strenghts & Weaknesses

This model was one in which market signals would be used by planners to determine how much product was to be produced, and of what design and quality. The competitive price structure would, of course, continue to determine which firms were operating efficiently and which, because of poor design, uncompetitive price, or bad management should be closed in order that their factor inputs might be reallocated to more efficient producers who could put them to more effective use.

The Lange theory of Market Socialism was never ...

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