Economic Calculation in the Socialist Commonwealth

Economic calculation in a socialist commonwealth refers to how resources are allocated and decisions are made without traditional price signals from a market. Instead, planners assess costs, needs, and production priorities based on centralized data, production plans, and social goals. This process involves estimating the value of goods and services through methods like cost accounting and social evaluations to ensure that resources are used efficiently and meet societal needs. The goal is to coordinate economic activity holistically, rather than relying solely on market prices, enabling a society to organize its economy for collective benefit.