In his American Economic Association presidential address, Taylor (1929) laid out the conditions under which a socialist economy could in theory achieve an efficient allocation of resources. The conditions parallel those of a private-enterprise economy. They include the state providing money income to its citizens, citizens using their income as they choose to buy output produced by stateenterprises, and the state setting prices equal to marginal cost so as to compensate factors of production, including labor, with prices set by trial-and-error to clear markets.[3] In this, Taylor stated principles of market socialism developed by Abba Lerner and Oscar Lange in the following decade and anticipated in mathematical form by Enrico Barone in 1908.[4][5]
NotesEdit
^*F.M. Taylor ([1911] 1925, 9th ed.). Principles of Economics. Chapter-preview links (1921, 8th ed.).
^Fred M. Taylor (1929). "The Guidance of Production in a Socialist State," American Economic Review, 19(1), p p. 1-8, reprinted in On the Economic Theory of Socialism (1938) and Socialism and the Market: The Socialist Calculation Debate Revisited (2000), p p. 1-8.
^Clark Dickinson, Z. (1960). "Fred M. Taylor's Views on Socialism". Economica. 27 (105): 42–52. doi:10.2307/2551426. JSTOR 2551426.
^M. H. I. Dore and M. C. Kaser (1984). "The Millions of Equations Debate: Seventy Years after Barone, Atlantic Economic Journal, p p. 30-44.
BibliographyEdit
Fred Manville Taylor (1891). The Law of Nature.
Fred Manville Taylor (1896). Do We Want an Elastic Currency?.
Fred Manville Taylor (1907). Some Readings in Economics: Prepared for the Use of Students in Course I, Political Economy, University of Michigan. G. Wahr.
Oskar Lange; Benjamin Evans Lippincott; Fred Manville Taylor (1964) [1938]. On the economic theory of socialism. McGraw-Hill. ISBN9780070362598.
fred, taylor, this, article, about, american, economist, american, judge, fredrick, monroe, taylor, other, people, named, fred, taylor, fred, taylor, disambiguation, fred, manville, taylor, july, 1855, northville, michigan, august, 1932, economist, educator, b. This article is about the American economist For the American judge see Fredrick Monroe Taylor For other people named Fred Taylor see Fred Taylor disambiguation Fred Manville Taylor July 11 1855 Northville Michigan August 7 1932 was a U S economist and educator best known for his contribution to the theory of market socialism He taught mostly history at Albion College from 1879 to 1892 He taught in the department of economics at University of Michigan from 1892 to 1929 after receiving his Ph D in political philosophy there in 1888 His Principles of Economics 1911 went through 9 editions 1 Of a libertarian ideology he was noted as a clear and rigorous expositor of economic theory in the partial equilibrium lineage of Alfred Marshall 2 Taylor from the 1902 MichiganensianIn his American Economic Association presidential address Taylor 1929 laid out the conditions under which a socialist economy could in theory achieve an efficient allocation of resources The conditions parallel those of a private enterprise economy They include the state providing money income to its citizens citizens using their income as they choose to buy output produced by state enterprises and the state setting prices equal to marginal cost so as to compensate factors of production including labor with prices set by trial and error to clear markets 3 In this Taylor stated principles of market socialism developed by Abba Lerner and Oscar Lange in the following decade and anticipated in mathematical form by Enrico Barone in 1908 4 5 Notes Edit F M Taylor 1911 1925 9th ed Principles of Economics Chapter preview links 1921 8th ed Daniel R Fusfeld 1987 Taylor Fred Manville The New Palgrave A Dictionary of Economics v 4 pp 611 12 Fred M Taylor 1929 The Guidance of Production in a Socialist State American Economic Review 19 1 p p 1 8 reprinted in On the Economic Theory of Socialism 1938 and Socialism and the Market The Socialist Calculation Debate Revisited 2000 p p 1 8 Clark Dickinson Z 1960 Fred M Taylor s Views on Socialism Economica 27 105 42 52 doi 10 2307 2551426 JSTOR 2551426 M H I Dore and M C Kaser 1984 The Millions of Equations Debate Seventy Years after Barone Atlantic Economic Journal p p 30 44 Bibliography EditFred Manville Taylor 1891 The Law of Nature Fred Manville Taylor 1896 Do We Want an Elastic Currency Fred Manville Taylor 1907 Some Readings in Economics Prepared for the Use of Students in Course I Political Economy University of Michigan G Wahr Oskar Lange Benjamin Evans Lippincott Fred Manville Taylor 1964 1938 On the economic theory of socialism McGraw Hill ISBN 9780070362598 External links EditFred M Taylor at Find a Grave Fred M Taylor JSTOR This biography of an American economist is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Fred M Taylor amp oldid 1156105733, wikipedia, wiki, book, books, library,
