Private Property Rights, Dynamic Efficiency and Economic Development: An Austrian Reply to Neo-Marxist Scholars Nieto and Mateo on Cyber-Communism and Market Process

economies A icle P i a e P ope y Righ s, Dynamic E iciency and Economic De elopmen : An Aus ian Reply o Neo-Ma xis Schola s Nie o and Ma eo on Cybe -Communism and Ma ke P ocess William Hongsong Wang 1,* , Vic o I. Espinosa 2,* and JoséAn onio Peña-Ramos 3,4,*   Ci a ion: Wang, William Hongsong, Vic o I. Espinosa, and JoséAn onio Peña-Ramos. 2021. P i a e P ope y Righ s, Dynamic E iciency and Economic De elopmen : An Aus ian Reply o Neo-Ma xis Schola s Nie o and Ma eo on Cybe -Communism and Ma ke P ocess. Economies 9: 165. h ps://doi.o g/10.3390/ economies9040165 Academic Edi o : Rui Alexand e Cas anho Recei ed: 28 Sep embe 2021 Accep ed: 28 Oc obe 2021 Published: 3 No embe 2021 Publishe ’s No e: MDPI s ays neu al wi h ega d o ju isdic ional claims in published maps and ins i u ional a il- ia ions. Copy igh : © 2021 by he au ho s. Licensee MDPI, Basel, Swi ze land. This a icle is an open access a icle dis ibu ed unde he e ms and condi ions o he C ea i e Commons A ibu ion (CC BY) license (h ps:// c ea i ecommons.o g/licenses/by/ 4.0/). 1Depa men o Applied and S uc u al Economics & His o y, Facul y o Economics & Business, Complu ense Uni e si y o Mad id, 28223 Mad id, Spain 2Depa men o Business Adminis a ion, Uni e sidad Au ónoma de Chile, P o idencia 7500912, Chile 3Facul y o Social Sciences and Humani ies, Uni e sidad Au ónoma de Chile, P o idencia 7500912, Chile 4Depa men o Poli ical Science and Public Adminis a ion, Facul y o Poli ical Sciences and Sociology, Uni e si y o G anada, 18071 G anada, Spain *Co espondence: [email p o ec ed] (W.H.W.); ic o [email p o ec ed] (V.I.E.); jap amos@ug .es (J.A.P.-R.) Abs ac : The Aus ian school economics and neo-Ma xis heo ies bo h ha e been e i ing in ecen yea s. Howe e , he cu en academic discussion lacks a deba e be ween wo schools o economics wi h diame ically opposed iews. This pape is he i s and an ini ial Aus ian challenge o Neo- Ma xis schola s Nie o and Ma eo’s a gumen a ion ha cybe -communism and he Aus ian heo y o dynamic e iciency a e consis en o enhance economic de elopmen . Thei a gumen ocuses on wo issues: (a) he exis ence o ci cula easoning in he Aus ian heo y o dynamic e iciency, and (b) dynamic e iciency and ull economic de elopmen could be s ongly p omo ed in a socialis sys em h ough new in o ma ion and communica ion echnologies (ICT) and he democ a iza ion o all economic li e. While cybe -communism e e s o cybe -planning wi hou p i a e p ope y igh s h ough ICT, dynamic e iciency e e s o he en ep eneu s’ c ea i e and coo dina i e na u es. In his pape , i s , we a gue ha he hypo hesis ha dynamic e iciency and cybe -communism is no compa ible. Con a y o he abo e cybe -communis c i e ia, he Aus ian heo y o dynamic e i- ciency a gues ha o impede p i a e p ope y igh s is o emo e he mos powe ul en ep eneu ial incen i e o c ea e and coo dina e p o i oppo uni ies, he en ep eneu ial incen i es o c ea e and coo dina e p o i oppo uni ies a e emo ed o iden i y human p oblems and he abili y and will- ingness o sol e hem. Second, we a gue ha he cybe -communism sys em is inconsis en wi h economic de elopmen . In his ega d, we explain how he ins i u ional en i onmen can cul i a e o s i le dynamic e iciency and economic de elopmen . Ha ing b ie ly ou lined he cen al a gu- men o Nie o and Ma eo, we examine he ins i u ional a angemen suppo ing cybe -communism. A e ha , we e alua e he implica ions o cybe -communism in he dynamic e iciency p ocess. I becomes mani es ha Nie o and Ma eo’s accoun s a e oo gene al o ecognize he complexi y o how economic de elopmen wo ks. Keywo ds: p i a e p ope y igh s; dynamic e iciency; economic de elopmen ; en ep eneu ship; economic calcula ion; socialism; Aus ian economics; cybe -communism; Neo-Ma xism; ma ke p ocess 1. In oduc ion The socialis calcula ion deba e is pe haps one o he mos con o e sial e en s in he his o y o economic hough . This deba e was p esen ed p ima ily as a heo e ical con lic be ween he Aus ian School led by Ludwig on Mises and F ed ich A. Hayek and he neo- classical school led by Osca Lange and Richa d Taylo . Al hough he e is con o e sy o e who won his big deba e (O’Neill 1996; Boe ke 2000;Hue a de So o 2010 ;Klein 2010), he Economies 2021,9, 165. h ps://doi.o g/10.3390/economies9040165 h ps://www.mdpi.com/jou nal/economies Economies 2021,9, 165 2 o 17 p omo e s o he mode n socialis heo y sugges ha hese socialis economis s did no adequa ely disman le Mises and Hayek’s challenge on he impossibili y o a ional socialis calcula ion wi hou p i a e p ope y igh s (see, o ins ance, Co ell and Cocksho 1993; Adaman and De ine 1996;Cocksho 2017). In As Nie o pu s i , “ he e was ne e an e ec i e and well-elabo a ed esponse o he Aus ian app oach” (Nie o 2020, p. 132). In he ecen yea s, he Neo-Ma xis schola s es a ed he economic calcula ion deba e. One o hei mos common c i icisms o socialism is he impossibili y o cul i a ing an economy’s dynamic e iciency and de elopmen in he absence o p i a e p ope y igh s. While dynamic e iciency is he inna e en ep eneu ial abili y o indi iduals o iden i y and sol e human p oblems, economic de elopmen is he widening ange o al e na i es open o people as mo e and be e solu ions o human p oblems (Hue a de So o 2009; Espinosa 2020;Espinosa e al. 2021b). I he dynamic e iciency o socialism is impossible, Aus ian economis s conclude ha i canno p omo e economic de elopmen . Howe e , Nie o and Ma eo (2020) p opose a di e en app oach o he long-s anding deba e on he impossibili y o he economic calcula ion unde socialism. These au ho s sugges ha he challenge o he Aus ians is o e come by echnological de elopmen ( o example, big da a, a i icial in elligence, machine lea ning, and supe compu e s). I is “cybe -communism” as a social planning sys em wi hou p i a e p ope y h ough in o ma ion and communica ion echnologies (ICTs). This ins i u ional o mula implies: (a) a ional calcula ion in e ms o labo ime supplemen ed by cu en ly compu a ional machine y o p omo e he dynamic e iciency o he eal- ime alloca ion o economic esou ces, and (b) indi iduals choose hei consump ion p e e ences and collec i e decisions a e made democ a ically, sol ing he p oblem o economic de elopmen in he absence o ma ke p ocesses. This pape e iews and discusses Nie o and Ma eo’s obse a ions on he ela ionship be ween cybe -communism and dynamic e iciency and i s easibili y o cul i a e economic de elopmen . Sec ion 2p o ides he heo e ical amewo k and me hodology o he pape . I e iews he concep ional ools ha we use o demons a e he ela ionship be ween he Aus ian heo y o dynamic e iciency and i s link wi h economic de elopmen . Sec ion 3 e iews he opinions o Nie o and Ma eo on he heo y o cybe -communism o assess i s consis ency wi h dynamic e iciency and economic de elopmen om a p ope y igh s app oach. Sec ion 4examines he key poin s be ween he heo y o cybe -communism and he mos ecen c i iques o he economic li e a u e on dynamic e iciency and de elopmen . The las sec ion concludes wi h p oposals o new esea ch a enues. 2. Theo e ical F amewo k and Me hodology 2.1. En ep eneu ship: The D i ing Fo ce o he Ma ke Economy This pape uses he Aus ian heo y o dynamic e iciency and economic de elop- men and some p inciples o poli ical economy (Hue a de So o 2009;Espinosa 2020; Espinosa e al. 2021b ). In his sense, unde s anding how dynamic e iciency wo ks equi es explaining, albei b ie ly, he p inciples o en ep eneu ship. En ep eneu ship e ymo- logically comes om he La in in p ehendo endi ensum. In a b oad sense, as Mises [1949] (Mises [1949] 1998, p. 254) says, “ he e m en ep eneu as used by [economic] heo y means: ac ing man exclusi ely seen om he aspec o he unce ain y inhe en in e e y ac ion”. In he na ow sense, he en ep eneu is de ined as he pe son who makes a p o i by co ec ly judging he di e ence be ween he cu en p ice and he expec ed p ice in he u u e. The p o i ha he en ep eneu ea ns is called en ep eneu ial p o i . I he consume s do no wan o buy he p oduc s, he en ep eneu will ace en ep eneu ial loss (Mises [1949] 1998, pp. 286–91). To conclude, en ep eneu ship is de ined as a way o hinking o ac ing. I consis s o c ea i i y, inno a ion, ale ness, judgmen , and adap a ion (Foss and Klein 2012, p. 7). En ep eneu ship judges he sui abili y o he means o achie e ends unde unce ain y. Judgmen is he c ucial elemen o en ep eneu ship o make unce ain decisions ega ding he uses o cu en o new esou ces o sa is y u u e p e e ences (Foss and Klein 2012; Bylund and Packa d 2021). The e o e, i can be conside ed ha en ep eneu ial judgmen Economies 2021,9, 165 3 o 17 is he p ocess o o ming an opinion by disce ning and compa ing ideas o plans abou iden i ying and esol ing human p oblems. While a human p oblem is a condi ion ha hinde s he ac o om eaching an end, he iden i ica ion and solu ion o human p oblems a e guided by his o he c ea i i y, imagina ion, aspi a ions, expec a ions, and knowledge. Wha is a human p oblem? How o sol e i ? The answe s a e open judgmen s o he c ea i e possibili ies o indi iduals. 2.2. The Theo y o Dynamic E iciency E iciency is a concep ela ed o he e ec i eness wi h which he a ailable means a e deployed o each ends—no ma e he cha ac e o hese plans. The wo d “dynamics” is de i ed om he G eek δυναµικ ó ς , meaning “causing o mo e”, and he wo d “s a ic” is om στατικ ó ς , which means “causing o s and.” (Espinosa e al. 2020). As Hue a de So o a gues, o any indi idual, en e p ise, ins i u ion, o an en i e economic sys em o achie e hei a ge s, he essen ial goal is no so much o p e en he was e o speci ic means conside ed known and gi en ( om he iewpoin o s a ic e iciency), bu o con inually disco e and c ea e new ends means. I en ep eneu ial c ea i i y cons an ly shi s he p oduc ion possibili ies’ on ie s, c ea i e low o new ends and means has ye o be en isioned (Hue a de So o 2009, pp. 10–11). The e o e, dynamic e iciency is de ined as en ep eneu ial coo dina ion and c ea i i y (Hue a de So o 2009, pp. 10–11; Wang 2017). Hence, as he en ep eneu s no only achie e hei a ge s h ough he gi en esou ces condi ions bu o dynamically c ea e and coo dina e new means o shi he p oduc ion possibili ies on ie s, hei compe i ion p ocess is also dynamic. Following Ki zne (2000, p. 92), he dynamic ma ke compe i ion is he widening ange o he “domain o wha is ecognized, con inually shi ing he loca ion o p o i able p omises and hus con inually inspi ing ye u he disco e ies expanding he domain o wha is known”. The Aus ian heo y o dynamic e iciency pe cei es ha he e hics o p i a e p op- e y igh s is bo h he su icien condi ion and necessa y condi ion o dynamic e iciency (Hue a de So o 2009,2010) . P i a e p ope y e hics is a necessa y condi ion because i he owne ship o he ui s o each ac ion is no espec ed, he mos impo an incen i e o c ea e and disco e p o i oppo uni ies is emo ed. As Hue a de So o (2009, p. 21) says, “ o impede he p i a e owne ship o he ui s o each human ac ion is o emo e he mos powe ul incen i e o c ea e and disco e p o i oppo uni ies as well as he undamen al sou ce o c ea i i y and coo dina ion ha p opels he sys em’s dynamic e iciency.” Mo eo e , an en i onmen o eedom, in which en ep eneu s a e no coe ced, and hei p i a e p ope y is espec ed, is a su icien condi ion o dynamic e iciency because i p o ides he mo i a ion and os e s he en ep eneu ial c ea i e and coo dina ion p ocess as dynamic e iciency. As Hue a de So o (2009, p. 21) indica es, “gi en he i al d i e which cha ac e izes all human beings, an en i onmen o eedom in which hey a e no coe ced and in which hei p i a e p ope y is espec ed cons i u es a su icien condi ion o he de elopmen o he en ep eneu ial p ocess o c ea i i y and coo dina ion which ma ks dynamic e iciency”. 2.3. P i a e P ope y Righ s The Aus ians’ conce n is ha he na u e o p i a e p ope y is he con ol o indi idu- als o e he se ices ha can be de i ed om a good, which means ha p i a e p ope y is he pi o al ins i u ion o he ma ke economy. As Mises indica es (Mises [1949] 1998, p. 678.), p i a e owne ship o he means o p oduc ion is he undamen al ins i u ion o he ma ke economy. Owne ship means ull con ol o he se ices ha can be de i ed om a good. The e o e, whe e p i a e owne ship is absen , he e is no ques ion o a ma ke economy. In his sense, Mises conce ns ha p i a e owne ship “is he ins i u ion he p esence o which cha ac e izes he ma ke economy as such.” (ibid.) Fu he mo e, he Aus ians unde s and p i a e p ope y as a na u al s a e o so- cial a ai s ha has exis ed since he ea lies ages o human his o y (Mises [1949] 1998, p. 679). I any indi idual o g oup o indi iduals has o al con ol o he se ices ha Economies 2021,9, 165 4 o 17 own hese goods, hey ha e p i a e owne ship. This de ini ion sugges s ha a con ac ual a angemen -based socie y does no exclude o he o ms o social o ganiza ion, such as collec i e p i a e p ope y. Ye , he ype o collec i e p ope y ha he Aus ians oppose is sys ema ic o unsys ema ic agg ession on p i a e p ope y (Hue a de So o 2010). The Aus ians dis inguish he di e ence be ween owne ship o p ope y ob ained h ough olun a y ac ions and p ope y ob ained h ough, o ins ance, ins i u ional coe cion o a go e ning body (Mises [1949] 1998, pp. 678–79) . Hence, he Aus ians do no deny he exis ence o collec i e p i a e p ope y bu oppose he coe ci e collec i e p ope y ha socialism ad oca es. The e o e, he Aus ians conce n is ha go e nmen legisla ion on p i a e p ope y could ha e wo di e en objec i es: (1) p o ec p i a e p ope y, o (2) con ol o he s’ p ope y. Bo h Mises and Hayek indica e he coe ci e absence o p i a e p ope y unde socialism means ha money has no ole in a socialis s a e. Hence, he p ice sys em disappea s, and economic calcula ion becomes impossible. As Mises [1920] (Mises [1920] 1935, p. 92) eckons, i no p oduc ion-good will e e become he objec o exchange, i will be impossible o de e mine i s mone a y alue. “Money could ne e ill in a socialis s a e he ole i ills in a compe i i e socie y in de e mining he alue o p oduc ion-good” and “calcula ion in e ms o money will he e be impossible.” (Mises [1920] 1935, p. 92) 2.4. Economic Calcula ion and Socialism’s Impossibili y P ices and ma ke a e ano he wo essen ial concep s o unde s and he Aus ian c i e ia on economic calcula ion and socialism’s impossibili y. The Aus ians de ine he unc ion o he p ice sys em and i s ela ionship wi h p i a e p ope y and he ma ke . Rega ding ma ke , Mises a gues ha i is “ he social sys em o he di ision o labo unde p i a e owne ship o he means o p oduc ion” (Mises [1949] 1998, p. 258). In he ma ke , “e e ybody ac s on his own behal ” bu each ac ion aims “a he sa is ac ion o o he people’s needs as well as a he sa is ac ion o his own”. (ibid.) In o he wo ds, e e yone in he ma ke ecei es his own bene i by se ing he need o he o he s. Mises u he de ines ha he ma ke “is no a place, a hing, o a collec i e en i y” bu “a p ocess ac ua ed by he in e play o he ac ions o he a ious indi iduals coope a ing unde he di ision o labo .” (ibid.) In he ma ke economy, p ices connec he exchanges o he en ep eneu s’ p oduc ions and he consume s’ mone a y uni s. Based on p i a e p ope y and he p icing mechanism, p oduce s o en ep eneu s could se e hei consume s ( Mises [1949] 1998, pp. 679–80 ; Hue a de So o 2010). As Ro hba d (1991) shows, he ma ke as a p ocess in ol es many di e en indi idual pa icipan s unde he di ision o labo and knowledge. Each consume makes judgmen s o goods and se ices in he ma ke while each en ep eneu alues (es ima es and o ecas s) u u e p ices ha his po en ial consume s can accep . As Mises desc ibes, “ he s a e o he ma ke a any ins an is he p ice s uc u e” and p ice s uc u e is “ he o ali y o he exchange a ios as es ablished by he in e ac ion o hose eage o buy and hose eage o sell” (Mises [1949] 1998, p. 259). P ices p o ide signals o he en ep eneu s “wha o p oduce, how o p oduce, and in wha quan i y”. (ibid.) The iola ion o p i a e p ope y igh s would he e o e impede he unc ion o p ices in he ma ke and u he makes economic calcula ion impossible. As he heo y o dynamic e iciency s a es, once p i a e p ope y is being p o ec ed, he en ep eneu s would ha e he incen i e o p oduce o hei consume s. The ma ke p ocess, as he ins i u ion o olun a y exchange unde he di ision o labo , enable he p ices sys em o communica e wha and how p oduce s mus se e hei cus ome s. Howe e , as he heo y o dynamic e iciency indica es, i he e is no p i a e p ope y, ma ke coo dina ion becomes impossible. In he iola ion o p i a e p ope y, he e a e no p ice signals. As Mises concludes, “whe e he e is no ee ma ke , he e is no p ice mechanism; wi hou a p ice mechanism, he e is no economic calcula ion” (Mises [1920] 1935, p. 111). The iola ion o p i a e p ope y is p ecisely he ad oca ion o socialism. The e o e, he Aus ians’ conce n is ha unde socialism, economic calcula ion is impossible, making socialism u opian. Acco dingly, he Economies 2021,9, 165 5 o 17 Aus ian app oach e eals he causal ela ionship be ween indi idual human ac ion, he ma ke p ocess, he p ice sys em, economic calcula ion, and dynamic e iciency. 2.5. The Aus ian Theo y o Economic De elopmen The dynamic e iciency s anda d is linked o en ep eneu ship as he d i ing o ce o ma ke economy and economic de elopmen . Th ee e ec s ha make he exis ence and de elopmen o ci iliza ion (Red o d 2020;Espinosa e al. 2020;Holcombe 2021). Fi s , en ep eneu ship is essen ially c ea i e, which means ha e e y condi ion ha p e en s he ac o om eaching an end becomes a human p oblem, he solu ion o which p omises p o i . Second, en ep eneu ship ansmi s in o ma ion in successi e wa es h ough he ma ke as a dynamic p ocess o olun a y exchanges o solu ions o human p oblems. While he ma ke is he “ ehicle” o olun a y exchanges, he p ice sys em is he “ uel” ha ansmi s in o ma ion on his o ical exchange ela ions in mone a y uni s. The p ice sys em con ains he subjec i e alua ions o indi iduals who pa icipa e in he ma ke o abs ain om doing so. Thi d, en ep eneu ship cul i a es social coo dina ion and economic de elopmen . P ice signals o ganize socie y h ough he di ision o knowledge (be e known as he di ision o labo ), whe e indi iduals end o specialize in wha hey hink hey can do bes and coope a e wi h o he s (Mises 1962;Piano and Rouane 2020). Some will be supplie s and o he consume s o solu ions o human p oblems in di e en aspec s and momen s. An ins i u ional en i onmen based on p i a e p ope y igh s cul i a es dynamic e iciency as a p e equisi e o economic de elopmen , de ined as he widening ange o al e na i es open o people as mo e and be e solu ions o inc easingly complex human p oblems. Hence dynamic e iciency cul i a es, in u n, economic de elopmen in a i uous ci cle in which hese p ocesses complemen and s eng hen each o he . In con as , an ins i u- ional en i onmen hos ile o p i a e p ope y igh s ends o an icipa e lowe dynamic e iciency, and he e o e economic de elopmen (Lewin and Cachanosky 2018;Acemoglu and Robinson 2019;Acemoglu e al. 2019;End es and Ha pe 2020). 3. Re iew, Assessmen , and Discussion Once he chains o cause and e ec ha d i e he sys ema ic p ocess o dynamic e iciency and economic de elopmen ha e been add essed, we a e in he posi ion o e iew and discuss he deba e on he impossibili y o socialism. Nie o and Ma eo’s (2020) heo e ical oo s o cybe -communism equi e an analysis o hei p e ious wo k en i- led “Is Economic Calcula ion Impossible in Socialism?” (Nie o 2020). The i s pa o Nie o (2020) explo es he o mal deba e on economic calcula ion and he a ional alloca ion o esou ces unde socialism. The au ho dis inguishes h ee main s ages o he deba e. In he i s , Mises [1920] (Mises [1920] 1935,Mises [1922] 1951,Mises [1949] 1998) explains ha economic calcula ion unde socialism is impossible: cen al planning is impossible because, wi hou p i a e p ope y igh s o he means o p oduc ion, he e will be no ma ke o means o p oduc ion. Wi hou a ma ke o he means o p oduc ion, hey will no ha e money p ices. Wi hou money p ices ha e lec he ela i e sca ci y o capi al goods, economic decision-make s canno calcula e hei al e na i e uses. Wi hou a ional economic calcula ion, “socialism is un easible” (Mises [1922] 1951, p. 135). Mises’ chal- lenge implies ha i is impossible o calcula e cos s ( educe he inpu s used o a common denomina o h ough some uni o accoun ) and, he e o e, “e icien ly alloca e esou ces o he desi ed uses, choosing among he innume able possible combina ions o p oduc ion ac o s hose ha minimize cos s” (Nie o 2020, p. 129). E e y s ep away om p i a e p ope y igh s o he means o p oduc ion and he use o money is a s ep away om a ional economic ac i i y. Mises’ challenge was suddenly aken by ma ke socialis s, such as Lange, Le ne , Taylo , Dickinson, and Du bin, who sough subs i u es o money h ough ial and e o o pa ame ic p ices (La oie 1985;Caldwell 1997). Fo hese au ho s, as Lange w i es, “only a socialis economy can dis ibu e incomes so as o a ain he maximum social wel a e” Economies 2021,9, 165 6 o 17 (Lange 1965, p. 99) . Howe e , hei opinions we e based on he Wal asian equilib ium and Pa e o e iciency models, ha is, s a ic models in which socie y’s in o ma ion is gi en, and he p oceeds a e included in hei o mulas. In o he wo ds, he e is no human ac ion in he ue sense o he wo d in hese models. Fo his eason, Nie o a i ms ha socialis heo is s e oneously ound “a o mal simila i y be ween he capi alis and socialis economies” (Nie o 2020, p. 130) . In his ega d, A nae (2018) poin s ou ha ma ke socialis s did no unde s and ha Mises’ challenge is un ela ed o he neoclassical–Keynesian pa adigm due o he s a ic and un ealis ic essence o ma hema ical and econome ic assump ions. The e was ne e eally a deba e. The second s age o he deba e co esponds o Hayek’s (1935,1944,1945,1988) c i icism o he ma ke socialis s, who “ ans e ed [ . . . ] he o iginal p oblem o calcula ing cos s (wi h some uni o accoun ) o sa e esou ces o ano he [...] o e icien social coo dina ion in a dynamic amewo k, whose key would be he disco e y, ansmission and use o in o ma ion and knowledge dispe sed among he agen s” (Nie o 2020, p. 131). Hayek s a es ha coo dina ion o indi idual ac ion plans only makes sense when millions o people’s knowledge is ansmi ed h ough he p ice sys em. Howe e , socialism assumes ha a single cen al au ho i y can ob ain and coo dina e all he knowledge dispe sed in socie y. Cen al planne s neglec ha he dynamics o mode n socie y (complex phenomena) exceed he capaci y o any indi idual mind. Neoclassical–Keynesian models conside he c ea ion and ansmission o knowledge in hei equa ions as i i we e some hing “gi en” wi hin each o he go e ning body. Consequen ly, Hayek (1945) explains ha “ he economic p oblem o socie y is hus no me ely a p oblem o how o alloca e “gi en” esou ces—i “gi en” is aken o mean gi en o a single mind which delibe a ely sol es he p oblem se by hese “da a.” I is a he a p oblem o how o secu e he bes use o esou ces known o any o he membe s o socie y, o ends whose ela i e impo ance only hese indi iduals know”. As a gene al assessmen o he economic calcula ion deba e, P o esso Nie o a i ms ha “ he e was ne e an e ec i e and well-c a ed esponse o he Aus ian app oach” (Nie o 2020, p. 132). Howe e , Mises and Hayek’s challenge on he impossibili y o socialism was elega ed due o he hegemony o he neoclassical–Keynesian app oach— “ he amewo k used by ma ke socialis s—and he appa en economic de elopmen o he So ie Union” (ibid.). The all o he So ie o bi in he eigh ies and nine ies and a poli ical and ideological en i onmen mo e conduci e o economic eedom led o he hi d s age o he deba e. Acco ding o Nie o, he economic con ibu ions o P o esso Jesús Hue a de So o in his wo k en i led Socialism, Economic Calcula ion and En ep eneu ship (Hue a de So o 2010) o e s a comple e desc ip ion o he new Aus ian accoun . F om Hue a de So o’s pe spec i e, “ he undamen al economic p oblem is an en ep eneu ial p oblem o human in e ac ion, he key o which is o disco e and mobilize he necessa y in o ma ion abou new goals and he means equi ed o achie e hem, a key ha depends on he ee exe cise o en ep eneu ship” (Nie o 2020, p. 133). Hue a de So o (2010) explains ha socialism is an in ellec ual e o because he socialis go e ning body canno concei ably glean he in o ma ion necessa y o coo di- na e socie y. “Fi s , i is impossible o he in e ening body o consciously assimila e he eno mous olume o p ac ical in o ma ion sp ead h oughou he minds o human beings. Second, as he necessa y in o ma ion is aci and canno be a icula ed, i canno be ans e ed o he cen al au ho i y. Thi d, he in o ma ion ac o s ha e no ye disco e ed o c ea ed, which eme ges only om he ee p ocess o en ep eneu ship, canno be ansmi - ed. Fou h, he exe cise o coe cion p e en s he en ep eneu ial p ocess om p o oking he disco e y and c ea ion o he in o ma ion necessa y o coo dina e socie y” (Hue a de So o 2010, p. 56; ci ed by Nie o 2020, p. 133). Socialism aces an inescapable dilemma. I he go e ning body in e enes coe ci ely in he en ep eneu ial ma ke p ocess, i des oys he capaci y o he p ocess o gene a e in o ma ion, and i i does no in e ene, i would no ob ain he in o ma ion. Economies 2021,9, 165 7 o 17 The second pa o Nie o’s a icle c i icizes he Aus ian a gumen s—syn hesized in Hue a de So o—and aises he p inciples o cybe -communism as he de ini i e solu ion o he impossibili y o economic calcula ion in socialism. His i s c i icism o wha he unde s ands as he Aus ian ision is he exis ence o ci cula easoning: Aus ians ake as a p emise (en ep eneu ship) ha should be explained (how and why en ep eneu ship os e s c ea i i y and social coo dina ion). Suppose he Aus ians decla e: “ he ee ini ia- i e o indi iduals in he ma ke ( ha is, he exe cise o en ep eneu ship) is undamen al o he unc ioning o he ma ke ”. In ha case, he ma ke is key “ o calcula e he cos s and sol e he in o ma ion and coo dina ion p oblems gene a ed by he ma ke i sel ”. I he Aus ians iden i y “socie y” wi h he “ma ke ”, “i can only be concluded ha ” a ional calcula ion is impossible. Bu i is a mis ake o show ha a ional calcula ion equi es he ma ke [...] s a ing om he p emise ha economic calcula ion is based on he ma ke ” (Nie o 2020, pp. 137–38) . Nie o a gues ha ci cula easoning leads Mises’ objec ion o he possibili y o economic calcula ion in socialism only e e s o peculia i ies o capi alism, which p o es no hing abou he impossibili y o socialism. Finally, Nie o a gues ha he Aus ian hesis on he impossibili y o economic calcu- la ion unde socialism e e s o p oblems o e come by echnological de elopmen . He p oposes cybe -communism as a social planning sys em wi hou p i a e p ope y igh s h ough he new in o ma ion and communica ion echnologies (ICT) ( o example, big da a, a i icial in elligence, he In e ne o Things, supe compu e s). “In o ma ion can be mobi- lized mo e lexibly and quickly in a cybe ne ically planned economy such as ha allowed by cu en echnology”, ha is, “ his ype o in o ma ion is no a p oblem o socialism” (Nie o 2020, p. 140). The e would be no need o subjec i e cos assessmen s wi hou a ma ke , which could be calcula ed di ec ly in labo ime. The e o e, he Aus ian c i ique o planime ic models o ma hema ical op imiza ion would be alid “ o he neoclassical ma ix models o ma ke socialism, bu no o a cybe ne ically planned socialis economy wi hou ma ke p ocesses” (Nie o 2020, p. 147). The p omise o cybe -communism claims ha i would no only be compa ible wi h he Aus ian s anda d o dynamic e iciency— he coo dina ion o indi idual ac ion plans— bu ha i would also p o ide an adequa e ins i u ional amewo k o p omo e he genuine de elopmen o people’s eal p e e ences and needs. Speci ically, cybe -communis p o- duc ion would include he eal- ime changes in he inal demand o consume goods o coo dina e social a angemen s h oughou he chain o cybe -indus ies. This p oduc ion s a egy would in alida e Hayek’s objec ion because he new echnologies would sol e he p oblems o social incoo dina ion, and “ he e would also be no obs acle ha would p e en channeling he c ea i e ini ia i e o indi iduals in a decen alized way” (Nie o 2020, p. 148). I echnologies p omo e c ea i i y and social coo dina ion wi hou p i a e p ope y igh s, economic de elopmen would be e icien ly cul i a ed wi hou echnological obs acles. In cybe -communism, “each one de e mines hei consume p e e ences and hei li e plan, while he decisions ha a ec he collec i e a e made democ a ically, no by imposi- ion o a mino i y owne ” (ibid.). As Nie o w i es, he e can be a plu ali y o go e nmen bodies o o ganize socialis p oduc ion, and by ial and e o hey can co ec possible incoo dina ion, pe haps much smalle because no pa allel decisions would be made, o en ep eneu ial unce ain y would exis ” (ibid.). He concludes by saying ha “wo king unde o de s in a social p ope y command would be as coe ci e as wo king in a p i a e company... bu , as we ha e wa ned, ha in o ma ion can be pe ec ly cap u ed in a social p ope y amewo k h ough he new echnologies” (Nie o 2020, p. 149). No wi hs anding hese gene al s a emen s abou he possibili y o o e coming he challenge o mode n Aus ians, can cybe -communism cul i a e dynamic e iciency and economic de elopmen , a leas as in a laissez- ai e economy? How does a cybe -communis socie y wo k? Who would decide wha , how, how much, and whom o p oduce wi hou a p ice sys em? The answe s a e in Nie o and Ma eo (2020). Economies 2021,9, 165 8 o 17 3.1. The Case o Cybe -Communism The ollowing is a e iew o Nie o and Ma eo (2020), which explains (1) how cybe - communism wo ks, and (2) how i cul i a es dynamic e iciency and economic de elop- men . In hei wo ds, “ou cen al hesis in his a icle is ha socialis planning o an economy is no only compa ible wi h dynamic e iciency, bu indeed ha i cons i u es he mos a o able ins i u ional amewo k o i s genuine de elopmen , eeing dynamic e iciency om he es ic ions and dis o ions imposed by he na ow c i e ion o p o - i abili y, as well as om he unce ain ies inhe en in ma ke s, and linking mo e di ec ly o he p e e ences and eal needs o he popula ion” (Nie o and Ma eo 2020, p. 44). Cybe -communism’s s anda d sugges s ha wo so s o obs acles o genuine com- munis de elopmen we e ope a ing ha suppo ed each o he and led o an impasse (Co ell and Cocksho 1993) . On he one hand, he e was a p oblem o echnological in- su iciency o e icien ly plan an inc easingly complex economy, which equi ed he con ol o inc easing olumes o in o ma ion. On he o he hand, an e iden poli ical–ins i u ional blockade p e en ed accu a e con ol o e he economy, whe e he go e ning bodies g ad- ually abandoned he communis ideal o exe cise y annical powe . Fo ins ance, So ie communism was a op-down dic a o ial sys em whe e wo ke s could no cul i a e dy- namic e iciency no economic de elopmen . Despi e nume ous social conques s, So ie planning was ha dly app op ia e o he new si ua ion, which equi ed imp o ing he popula ion’s li ing condi ions. Gi en he ailu e o he go e ning bodies o collec and p ocess he in o ma ion equi ed o he exhaus i e calcula ion o p ices o p omo e gene al coo dina ion—in he absence, he e o e, o an accu a e socialis accoun ing based on labo - ime and op imiza ion ma hema ics—i became e iden ha cul i a ing dynamic e iciency was no easible. The challenge o communism is o explain how a sys em o p oduc ion and alloca ion o esou ces wi hou p i a e p ope y igh s could wo k in complex socie ies. Following Cocksho (2017), Nie o and Ma eo (2020) sugges ha he cybe -communis hesis consis s o a sys em o socie y wi hou p i a e p ope y igh s ha is compa ible wi h he easible and e icien cul i a ion o dynamic e iciency and economic de elopmen h ough he cu en echnological de elopmen , such as big da a, a i icial in elligence, machine lea ning, and supe compu e s. Nie o and Ma eo (2020) claim ha he eali y o capi alism shows he essen ial con- adic ion o an economic sys em be ween he con inuous scien i ic- echnical de elop- men and he eg essi e dynamic e iciency ha gene a es unemploymen and job in- secu i y, pola iza ion, and inc easingly se e e economic c ises and en i onmen al de- s uc ion. To sol e hese and o he p oblems, cybe -communis aims o build an al e na- i e o he capi alis o de , making possible he mode n ideal o ci izen sel -go e nmen . I is he a ional con ol o dynamic e iciency as he only easibili y o he de elop- men o socie y owa ds democ a ic goals. Speci ically, hey p opose a communis model ha includes cu en scien i ic– echnical capaci ies o cul i a e economic de elopmen (Co ell and Cocksho 2008) . Communis planning o he economic sys em alludes o he abili y o impose gene al objec i es on economic and social de elopmen h ough he a ional con ol o he global p oduc i e p ocess by socie y (as opposed o he exis ence o indi idual ends in capi alism). The ins i u ional key o ca ying ou his p ojec is he aboli ion o p i a e p ope y igh s and, logically, p omo ing communal con ol o he means o p oduc ion and, h ough i , su plus alue. In a sys em wi hou p i a e p ope y igh s, he guiding p inciple o communis p o- duc ion is echnical ele ance o achie ing an o ice command democ a ically exp essed in he plan, he e o e, he e would be no p o i able o unp o i able ac i i ies. The alloca ion o esou ces depends on he ma hema ical op imiza ion echniques o sol ing millions o equa ions acco ding o he communal plan and, consequen ly, money is eplaced by a di ec accoun ing o he labo imes equi ed o ob ain di e en goods and se ices. 1 An economic calcula ion wi hou p i a e p ope y igh s e e s o es ima ing he labo ime con en in he p oduc ion p ocess, eco ding hei a ia ions o assign hem e icien ly. By all he abo e, he easibili y o cybe -communis con ol o dynamic e iciency and economic de elop- Economies 2021,9, 165 9 o 17 men would depend on wo condi ions: (1) an ins i u ional amewo k ha gua an ees he democ a ic pa icipa ion o he popula ion a all le els and decision-making a eas; (2) an adequa e scien i ic– echnical basis o con ol he necessa y in o ma ion, es ima e he labo cos s o he p oduc s, and e icien ly alloca e esou ces in complex economies. Along wi h con empo a y in o ma ion and communica ion echnologies (ICT), he undamen al ools o such cybe ne ic and democ a ic planning o an economy would include he inpu –ou pu accoun ing me hodology, which eco ds how he p oduc s o some b anches a e inco po a ed as inpu s o o he b anches, hus exp essing he ma ix o in e indus y ela ions (Adaman and De ine 1996,2002). Inc easing ma hema ical ech- niques o linea p og amming would also allow he calcula ion o he labo ime and he op imal alloca ion o esou ces in eal ime. Some o hese possibili ies a e al eady p esen in he ope a ions o la ge leading companies in he applica ion o new in o ma ion ech- nologies, such as Facebook, Amazon, Spo i y, and Ne lix (Phillips and Rozwo ski 2019) . In a cybe -communism socie y, he p ocedu es and echniques o gene a e and p ocess he necessa y in o ma ion (abou wha , how, whe e, and how much o p oduce) would be much mo e a ied (cen alized o decen alized decisions) and would in ol e di e en ac o s and decision le els (na ional, egional, sec o al). A e i o ial planning agency could decide how o use he esou ces in esponse o he collec i e demands. The go e ning body would be he p ima y mechanism o ins i u ional change h ough wo decen alized and democ a ic agencies. On one hand, he In es men Councils (IC) would decide he in es - men alloca ion o he ac o s o p oduc ions h ough he in oduc ion o new echnologies and he de elopmen o new business p ojec s p oposed by he en ep eneu associa ions. On he o he hand, he Consume Councils (CC) would guide ICs o p oduce consume goods e icien ly. As Nie o and Ma eo (2020) w i e, he In es men and Consump ion Councils would ha e signi ican ad an ages o dynamic e iciency and economic de elopmen h ough echnological p og ess and en ep eneu ial inno a ion, in con as o a capi alis econ- omy: “(i) socialism allows o g ea e and mo e e icien alloca ion o esou ces o R&D&I ac i i ies, hanks o cen alized con ol o he su plus and he absence o sump uous con- sump ion and a en ie popula ion; (ii) he e a e no obs acles o he ee dissemina ion o new p oduc s and echniques; (iii) he equal dis ibu ion o esou ces (which gua an ees ha no basic needs go unme ) allows o disco e y and ulle de elopmen o alen , which likewise occu s when wo k is unde aken h ough asks ha a e mo e balanced o he majo i y and less ou ine; (i ) in alloca ing in es men , mo e in o ma ion is a ailable and he c i e ia a e mo e a ied han me e expec a ion o p o i ; ( ) social owne ship is mo e inclusi e and pa icipa o y han capi alis en e p ise in e ms o gene a ing and mobilizing knowledge and encou aging inno a ion; ( i) socialism does no impose sho - e m inno- a ion cycles looking o gene a e p oduc s ha can be comme cialized in, say, ou o six mon hs, as is ypical in capi alis economies”. The p e e ences and decisions o indi iduals a e conside ed wice: ex an e, h ough he democ a ic choice o he bes de elopmen goals, and ex pos , h ough he consump ion choices o indi iduals. I a e olu iona y pa y con ols he Councils h ough elec ed delega es o he collec i e, his can s eng hen he p ole a ian e olu ion. Wi hou he dominance o he e olu iona y pa y, capi alism would end up winning (Cocksho and Nie o 2017). The collec i e membe s would no need o c ea e he in o ma ion necessa y o a ional calcula ion and coo dina ion indi idually. Much o he ele an in o ma ion is no wholly sca e ed in he minds o millions o people. The only dispe sed economic in o ma ion in communism is, ob iously, ela i e o indi iduals’ consump ion p e e ences, which he socialized p oduc i e appa a us o e sees egis e ing and p ocessing in eal ime o achie e hei sa is ac ion. 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