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A Method for Determining the Appropriateness of National Planning in a Market Economy

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  • Jeffrey B. Miller

Abstract

Meade demonstrates how, in the absence of futures markets for many commodities, indicative planning can supply economic agents with the requisite information about future market conditions. An incentive scheme designed to encourage agents to relay accurate information to central planners is introduced into Meade's model. It is then shown how the Groves and Loeb voting procedure can be used to determine whether an indicative planning program would be beneficial.

Suggested Citation

  • Jeffrey B. Miller, 1980. "A Method for Determining the Appropriateness of National Planning in a Market Economy," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 95(2), pages 261-276.
    • Handle: RePEc:oup:qjecon:v:95:y:1980:i:2:p:261-276.
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