3 points of difference between Socialist economy

Novels Question

By Thanil Babe · Jan 07, 2019 ·Novels
Bhavye Bareja answered Jan 12, 2019
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 Janos Kornai.

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