e/Lange Model

Information
has gloss	eng: The Lange Model is an economic model which combines public ownership and a trial and error approach to determine output and equilibrium. The state owns non-labor factors of production and consumer goods are allocated by market. In economic theory, the Lange Model states that an economy in which all production is performed by the state, but in which there is a functioning price mechanism, has similar properties to a market economy under perfect competition, in that it achieves Pareto efficiency. Proposed by Oskar R. Lange in 1936, the Lange Model is the most famous theoretical model of market socialism. While this is considered to be the first model of market socialism, other variants of the model exist. In addition, several other economists, including H.D. Dickinson and Abba P. Lerner contributed to Lange’s model.
lexicalization	eng: Lange Model
instance of	c/Economics models