ABSTRACT
In a participatory economic planning system, long-run development and investment planning would be carried out mostly by federations of industry and consumer councils, while an annual planning procedure would determine which worker councils will produce which goods and services for consumption by which consumer councils. To arrive at a consensus, these councils would rely on estimates of the full social costs of producing goods and services, and the opportunity costs of using different capital goods, categories of labor, and natural resources. One challenge is to convince the majority that ordinary people are perfectly capable of managing their economic affairs without either capitalist employers or commissars telling them what to do.
