Socialist economics | Wikipedia audio article
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Date: 2018-11-27

This is an audio version of the Wikipedia Article:
Socialist economics

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SUMMARY
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Socialist economics refers to the economic theories, practices, and norms of hypothetical and existing socialist economic systems.
A socialist economic system is characterised by social ownership and operation of the means of production that may take the form of autonomous cooperatives or direct public ownership wherein production is carried out directly for use. Socialist systems that utilize markets for allocating inputs and capital goods among economic units are designated market socialism. When planning is utilized, the economic system is designated as a socialist planned economy. Non-market forms of socialism usually include a system of accounting based on calculation-in-kind to value resources and goods.The term "socialist economics" may also be applied to the analysis of former and existing economic systems that were implemented in socialist states, such as in the works of Hungarian economist János Kornai.Socialist economics has been associated with different schools of economic thought. Marxian economics provided a foundation for socialism based on analysis of capitalism, while neoclassical economics and evolutionary economics provided comprehensive models of socialism. During the 20th century, proposals and models for both planned economies and market socialism were based heavily on neoclassical economics or a synthesis of neoclassical economics with Marxian or institutional economics.