Participatory economics proposes a system in which the planners communicate with the “participating” individuals, supposedly ones living in a commune together, to coordinate and meet the needs/wants of the people. The issue here is that the ECP deals with allocating the factors of production. It does not deal with the distribution of goods and services. Even under an economy that utilizes participatory economics, central planners could not determine how to allocate these factors of production rationally without a market-based price system. (from Debunk the ECP 🗿)
1. Parecon is not planners talking with "participating" individuals; what a laughable explanation! The simplest way to explain it is by recognizing 4 main ideas; (1), worker councils and consumer councils to represent supply and demand respectively, (2), participatory planning, (3) remuneration according to effort & sacrifice, and (4), self-management as having a say over the things that effect you.
2. Parecon deals with the allocation of factors by making worker councils submit production requests, where they say what they want to make and what they need to make it.
3. Parecon is not central planning; it is, in fact, as opposed to central planning as it is to markets.
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