Economics of Control

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From Encyclopedia (.com):

"The economics of control, perhaps best represented by Abba Lerner’s (1903–1982) 1944 book of that title, based on his 1943 doctoral dissertation for the London School of Economics, is a halfway-house policy approach to capitalist economies between laissez-faire on the one side and socialist economic planning on the other. The economics of control accepts the basic institutional framework of capitalist markets as the organizing principle but recognizes market imperfections, macroeconomic deficiencies, and other problems that require government intervention to improve market outcomes. It was an attempt, in the words of Sidney Ratner (1908–1996), at a “reconciliation of liberalism and socialism in welfare economics” (Ratner 1949, p. 133)."