Socialist calculation debateThe socialist calculation debate, sometimes known as the economic calculation debate, was a discourse on the subject of how a socialist economy would perform economic calculation given the absence of the law of value, money, financial prices for capital goods and private ownership of the means of production. More specifically, the debate was centered on the application of economic planning for the allocation of the means of production as a substitute for capital markets and whether or not such an arrangement would be superior to capitalism in terms of efficiency and productivity.
Calculation in kindNOTOC Calculation in kind or calculation in-natura is a way of valuating resources and a system of accounting that uses disaggregated physical magnitudes as opposed to a common unit of calculation. As the basis for a socialist economy, it was proposed to replace money and financial calculation. In an in-kind economy products are produced for their use values (their utility) and accounted in physical terms. By contrast, in money-based economies, commodities are produced for their exchange value and accounted in monetary terms.
Sens de rotation horaire et anti-horaireUne rotation peut se produire dans deux sens : le sens horaire (dans le même sens que les aiguilles d'une horloge : depuis le haut vers la droite, puis vers le bas puis vers la gauche). L'opposé est le sens antihoraire. Fichier:Clockwise Arrow.svg|alt=Illustration d'une flèche allant du haut vers la droite, puis vers le bas et enfin vers la gauche.|Le sens de rotation horaire. Fichier:Counterclockwise Arrow.svg|alt=Illustration d'une flèche allant du haut vers la gauche, puis vers le bas et enfin vers la droite.
Point cardinalEn géographie et en astronomie, un point cardinal est un point de l’horizon servant à se diriger, à s’orienter. Sur une boussole ou sur un plan, on trouve généralement quatre points cardinaux : nord, sud, est et ouest. En un lieu donné à la surface de la Terre, le méridien local définit la direction d'une droite qui peut être parcourue selon deux sens différents : l'un en direction du pôle Nord géographique, cette direction définissant le point cardinal nord ; l'autre en direction du pôle Sud géographique, cette seconde direction définissant le point cardinal sud.
Economic calculation problemThe economic calculation problem (sometimes abbreviated ECP) is a criticism of using economic planning as a substitute for market-based allocation of the factors of production. It was first proposed by Ludwig von Mises in his 1920 article "Economic Calculation in the Socialist Commonwealth" and later expanded upon by Friedrich Hayek. In his first article, Mises described the nature of the price system under capitalism and described how individual subjective values (while criticizing other theories of value) are translated into the objective information necessary for rational allocation of resources in society.
