„One can in particular interpret the proposition as a statement conditions under which the simplicity of incentive structure and the economies of information handling characteristic of a competitive market organization can be secured without loss of efficiency of allocation... The price system carries to each producer, resource holder, or consumer a summary of information about the production possibilities, resource availabilities and preferences of all other decision makers. Under the conditions postulated, this summary is all that is needed to keep all decision makers reconciled with a Pareto optimal state once it has been established.“

—  Tjalling Koopmans, p. 53, as cited in: Harold Kincaid, ‎Don Ross (2009) The Oxford Handbook of Philosophy of Economics. p. 128
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Tjalling Koopmans
1910 - 1985

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„She still believes in classical economics, the allocation of resources under conditions of scarcity. Information doesn’t work that way.“

—  Charles Stross British science fiction writer and blogger 1964
Chapter 2 (“Troubadour”), p. 72


„The price-tax conditions necessary to sustain the Pareto optimality of a competitive market solution under the assumed convexity conditions are tantamount to standard Pigovian rules, with neither taxes imposed upon, nor compensation paid to, the victims of externalities.“

—  William J. Baumol American economist 1922 - 2017
p. 45; Cited in: Vatn, Arild, and Daniel W. Bromley. "Externalities-a market model failure." Environmental and resource economics 9.2 (1997): 135-151.

Joseph E. Stiglitz photo

„1. The standard neoclassical model the formal articulation of Adam Smith's invisible hand, the contention that market economies will ensure economic efficiency provides little guidance for the choice of economic systems, since once information imperfections (and the fact that markets are incomplete) are brought into the analysis, as surely they must be, there is no presumption that markets are efficient.
2. The Lange-Lerner-Taylor theorem, asserting the equivalence of market and market socialist economies, is based on a misguided view of the market, of the central problems of resource allocation, and (not surprisingly, given the first two failures) of how the market addresses those basic problems.
3. The neoclassical paradigm, through its incorrect characterization of the market economies and the central problems of resource allocation, provides a false sense of belief in the ability of market socialism to solve those resource allocation problems. To put it another way, if the neoclassical paradigm had provided a good description of the resource allocation problem and the market mechanism, then market socialism might well have been a success. The very criticisms of market socialism are themselves, to a large extent, criticisms of the neoclassical paradigm.
4. The central economic issues go beyond the traditional three questions posed at the beginning of every introductory text: What is to be produced? How is it to be produced? And for whom is it to be produced? Among the broader set of questions are: How should these resource allocation decisions be made? Who should make these decisions? How can those who are responsible for making these decisions be induced to make the right decisions? How are they to know what and how much information to acquire before making the decisions? How can the separate decisions of the millions of actors decision makers in the economy be coordinated?
5. At the core of the success of market economies are competition, markets, and decentralization. It is possible to have these, and for the government to still play a large role in the economy; indeed it may be necessary for the government to play a large role if competition is to be preserved. There has recently been extensive confusion over to what to attribute the East Asian miracle, the amazingly rapid growth in countries of this region during the past decade or two. Countries like Korea did make use of markets; they were very export oriented. And because markets played such an important role, some observers concluded that their success was convincing evidence of the power of markets alone. Yet in almost every case, government played a major role in these economies. While Wade may have put it too strongly when he entitled his book on the Taiwan success Governing the Market, there is little doubt that government intervened in the economy through the market.
6. At the core of the failure of the socialist experiment is not just the lack of property rights. Equally important were the problems arising from lack of incentives and competition, not only in the sphere of economics but also in politics. Even more important perhaps were problems of information. Hayek was right, of course, in emphasizing that the information problems facing a central planner were overwhelming. I am not sure that Hayek fully appreciated the range of information problems. If they were limited to the kinds of information problems that are at the center of the Arrow-Debreu model consumers conveying their preferences to firms, and scarcity values being communicated both to firms and consumers then market socialism would have worked. Lange would have been correct that by using prices, the socialist economy could "solve" the information problem just as well as the market could. But problems of information are broader.“

—  Joseph E. Stiglitz American economist and professor, born 1943. 1943
Ch. 1 : The Theory of Socialism and the Power of Economic Ideas

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Russell L. Ackoff photo

„[Ackoff also developed the circular organization concept. This structure is a democratic hierarchy with three essential characteristics:]
(1) the absence of an ultimate authority, the circularity of power;
(2) the ability of each member to participate directly or through representation in all decisions that affect him or her directly; and
(3) the ability of members, individually or collectively, to make and implement decisions that affect no one other than the decision maker or decision-makers.“

—  Russell L. Ackoff Scientist 1919 - 2009
Ackoff’s (1994) The Democratic Corporation: A Radical Prescription for Recreating Corporate America and Rediscovering Success. p. 117 cited in: Stuart A. Umpleby and Eric B. Dent. (1999) "The Origins and Purposes of Several Traditions. in Systems Theory and Cybernetics". in Cybernetics and Systems: An International Journal, Vol 30. pp. 79-103.

Tibor R. Machan photo

„Without a market in which allocations can be made in obedience to the law of supply and demand, it is difficult or impossible to funnel resources with respect to actual human preferences and goals.“

—  Tibor R. Machan Hungarian-American philosopher 1939 - 2016
Liberty and Research and Development: Science Funding in a Free Society, Introduction chapter: “Some Skeptical Reflections on Research and Development”, Hoover Institution Press, Stanford University (2002) p. xiii http://media.hoover.org/documents/0817929428_xi.pdf

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