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Title: An Austrian Response to Neo-Marxist Scholars Nieto and Mateo on Cyber-Communism and Market Process: Private Property Rights, Dynamic Efficiency, and Economic Development
Abstract: Recent years have seen a revival of both neo-Marxist theories and the Austrian school of economics. However, there isn’t currently a debate between two economic schools that hold polar opposite beliefs. The claim made by Neo-Marxist scholars Nieto and Mateo that cyber-communism and the Austrian theory of dynamic efficiency are compatible with promoting economic development is the subject of the first and only Austrian challenge in this paper. Their argument centers on two points: (a) whether the Austrian theory of dynamic efficiency contains circular reasoning; and (b) whether dynamic efficiency and full economic development could be strongly encouraged in a socialist system through new information and communication technologies (ICT) and the democratization of all economic life. Dynamic efficiency refers to the creative and collaborative tendencies of the entrepreneurs, whereas cyber-communism refers to cyber-planning without private property rights through ICT. In this essay, we first challenge the notion that dynamic efficiency and cybercommunism can coexist. The Austrian theory of dynamic efficiency contends that restricting private property rights removes the most potent entrepreneurial incentive to develop and coordinate profit opportunities, in contrast to the aforementioned cyber-communist criteria. Second, we contend that the cybercommunism system is at odds with the advancement of the economy. In this regard, we discuss how institutional settings can either promote or inhibit dynamic efficiency and economic growth. After briefly summarizing Nieto and Mateo’s main contention, we look at the institutional framework that supports cybercommunism. The effects of cybercommunism on the dynamic efficiency process are then assessed. It becomes clear that Nieto and Mateo’s accounts are too broad to take into account the nuanced processes involved in economic development.
Keywords: private property rights; dynamic efficiency; economic development; entrepreneurship; economic calculation; socialism; Austrian economics; cyber-communism; Neo-Marxism; market process
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
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