This article examines the modern revival of socialist economic calculation debate. We show how changes in the protective belt of neoclassical research programme enabled the discussion of the problem of incentives under asymmetric information on the new proposals for market socialism. Under these proposals, the problem of knowledge as developed by Hayek in original debate will be interpreted as an information problem. We contend that, although the models were criticized by Public Choice economists, the new proposals and their critics both suffer from the same problems pointed out by Hayek in the original debate.
central planning; microeconomics; economics of information; Austrian school