"The
insights
of both Dobb and the (modern) Austrians
are powerful. At the risk of over
simplification it could be said that, at
a technical level, Dobb’s insight
identifies the fundamental systemic
problem of capitalism,
while the
Austrians’ insight identifies the
fundamental systemic problem of
centralized administrative command
planning. Yet Dobb’s advocacy of central
planning fails to address the Austrians’
insight, and the Austrians’ advocacy of
the capitalist market fails to address
Dobb’s insight. Participatory democratic
planning (unlike market socialism)
offers a way of combining the two
insights."
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