ECONOMIC SYSTEMS

This short paper was presented in the discussion at the CESES conference about 'the Prices in Eastern Europe' in Florence, Italy, 1966. Its purpose was to formulate briefly but as precisely as possible the differences between Pure Market Economy, Command Economy, Lange-Lerner model of Market Socialism, and the plausible system combining the market with central planning. The different systems were evaluated from the point of view of the information flows necessary for coordination of economic decisions.