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July 22, 2018 

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ECONOMIC PROFIT: The difference between business revenue and total opportunity cost. This is the revenue received by a business over and above the minimum needed to produce a good. In this sense, economic profit is a sign of inefficiency. If a business receives an economic profit, then society (the buyers) are spending more on a good than society (the resource owners) are giving up to produce the good.

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MARKET SOCIALISM:

A type of economy, or economic system, based on--(1) government, rather than individual, ownership of many resources, especially those like heavy manufacturing, energy reserves, widely used raw materials (lumber, steel), and transportation systems, that are deemed critical to the operation of the economy; (2) answering three questions of allocation with a combination of central planning by government and decentralized decision-making by individual factories and the owners of non-critical resources; (3) the limited use of markets to exchange farm products and retail consumer goods; (4) economic and monetary incentives, such as bonuses, paid to the workers of government-owned facilities to encourage efficiency and increased productivity.
Market socialism is a form of socialism that attempts to blend voluntary market exchanges with government oversight and control. It was developed during the late 1960s and early 1970s, primarily by socialist economies in Europe, in an attempt to address the inefficiencies of socialism.

Market socialism was designed to augment the government control of a command economy with the efficiency of market exchanges. Market socialism sought to paint the "big picture" of the economy with a moderate degree of central planning, avoid the inefficiency problems of monopoly and market control with government ownership of key industries, and encourage efficient exchanges and resource allocation using markets and decentralized decision-making.

Market socialism resides in the middle of the spectrum of economic systems, bounded by a pure market economy on one end and a pure command economy on the other. It is, perhaps more so than other economic systems, a prime example of a mixed economy. Allocation decisions are undertaken by both governments and markets.

<= MARKET SHAREMARKET STRUCTURE CONTINUUM =>


Recommended Citation:

MARKET SOCIALISM, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: July 22, 2018].


Check Out These Related Terms...

     | capitalism | communism | market-oriented economy | command economy | pure command economy | pure market economy |


Or For A Little Background...

     | economy | economic system | mixed economy | government functions | ownership and control | socialism |


And For Further Study...

     | central planning | equity | nationalization | four estates | distribution standards | three questions of allocation | laissez faire | needs standard | production possibilities |


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