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Show 1 Answer (Answer provided by Guinevere Liberty Nell)
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Hi. I apologise for the delay in responding and thank you for your interest in the course.


Yes, "Austrians Economists like Mises predicted that without utilizing the information of the roles of market prices and interest rates, the socialist/communist agenda of the war communism would close to impossible to achieve success in implementing the system as it would lead to chaos in the market as well as poverty." -- the information role of prices, as well as local knowledge (highlighted by Hayek) were both recognized as key to a well functioning society.


As for your second question, I am not quite sure that I fully understand what you mean - when you say "Marxist economic theory was more theoretical than pragmatic in a sense of implementation of transition to communism (lower phase first, then higher phase eventually)" are you saying that the practical considerations of transition cause issues that do not come up in theory, in a pure model? I am not certain that this is the case, but it is true that practical considerations of planning are probably more cumbersome than can be easily proven by theory, and perhaps this is more or less the same thing.


"Hence, is it safe to conclude that the implementation of Lenins understanding of Marxist economy would also be more theoretical than pragmatic?" -- again, I am not quite sure what you mean, but if you mean that practical considerations of the Bolshevik program are likely to go beyond what can easily shown in theory, then yes. Lenin had sometimes, as all political leaders must, to do things for pragmatic or practical reasons--some of the civil war policy decisions were clearly taken for practical reasons not ideology (or practical/pragmatic/forced in order to claim and hold power or policy, which was in turn desired for ideological reasons), although it was overall ideologically driven. But Lenin's policies and choices were primarily based on ideology, and yes, practical issues were not always forseen by theory.

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