Unravelling of a myth
by Robin Cox
The economic calculation argument (ECA) has to do with the claim that, in the absence of market prices, a socialist economy would be unable to make rational choices concerning the allocation of resources and that this would make socialism an impracticable proposition. Tracing the historical development of this argument, this article goes on to consider some of its basic assumptions about how the price mechanism actually works in practice; in so doing, it attempts to demonstrate that the argument is based upon fundamentally shaky foundations. A rational approach to the allocation of resources in a socialist economy is then sketched out. Such an approach is predicated on a particular view of socialism as entailing a largely decentralised – or polycentric – structure of decision-making in contrast to the view typically held by proponents of the ECA that socialism would entail central – or society-wide – planning. Applying a decentralised model of socialist decision-making, this article identifies a number of key components of such a model and goes on to show how, through the interactions of these key components, the objections to socialism raised by the ECA are decisively overcome.Read More »
A Journal of People report
Capitalist economy creates many anomalies. It is full of irrationalities. Inhuman living condition for people is inherent part of the economy. The following information, all gathered from the mainstream media (MSM), not those claiming to be alternative, help understand the capitalist economy. These are primary information. The information related to life in capitalist economy, instead of haphazard comments, is yet to reach all who are suffering under the yoke of the capitalist economy.Read More »
A Journal of People report
Rare earth minerals have become highly prized issue in imperialist conquest. Competition for rare earths has risen steadily since the middle of the 20th century. Yet there are no alternative materials to replace these elements.
The U.S. is increasingly concerned about securing a stable supply of critical minerals used in car batteries, solar panels and wind turbines. Many of the minerals required for decarbonization are used in other high-demand products including smart phones.
By 2050, 24% of the world’s electricity will be used to power electric cars, and solar and wind energy will provide almost half the world’s electricity, BloombergNEF predicts. The BNEF forecasts nickel demand from lithium-ion batteries alone will grow 15.6 times between 2018 and 2030.
There are a few regions that are have a lot of rare earths, and these are mostly in China. Read More »