What are the limitations of the allocation paradigm

Reference no: EM132142105

Question: Explain the difference between resource allocation and resource exchange as described in the Economics as the Study of Coordination and Exchange reading. What are the limitations of the allocation paradigm? How does it relate to the criticism Mises had regarding socialism? How does the exchange paradigm related to Hayek's description of the use of knowledge in society (in his article The Use of Knowledge in Society)?

Reference no: EM132142105

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