Two Manifestos Marxists have confused the issue, with a lot of help from Mieean propaganda. Almost anyone could design a socialist economy that works, except Marxists. The dead hand of state capitalism and central planning confuses the issue.
It is pretty late in the day for Marxists to be considering this question.
You have been a socialist all your life but h ave never heard of any of this. That’s about the size of it.
Gven the current jargon-induced mental state of Marxists one would have to suspect the problem is hopeless because no one can think about the problem which is confused by Marx’s own views, perhaps. The original Miseacn take however is surely false, despite a dozen books listed by Wikipedia, but the surprising thing is that Marxists can seem to answer it. .Marxists were blindsided by this issue and although the way past it was found it hasn’t really entered into the Marx canon because Marxist dogmatism reigns without challenge.
The problem should be trivial for anyone except a dogmatic marxist: you can design economies in any form you want, and socialist economies are no exception. But the left has been stuck with the idea of central planning, state ownership of the means of production. In fact, the only instance we seem to see is central planning in a system of Stalinism. Obviously, that is the wrong approach and has discredited socialists completely. Here Marx’s failure to get specific was a mistaken tactic. You have something sane here, and in advance.
A classic text is Toward a New Socialism, by Cockshott, and Cottrel, which resolves the calculation problem via computational economics. There are others.
We don’t have to replace markets, however.
We have our model of ‘democratic market neo-communism’ which points to the fact that if you create a Commons and allow ‘socialist markets PLUS planning, you can construct a whole universe of various economic socialisms. A market system under socialism is not an impossible option. The issue of capital is resolved in a Commons and licensed resources for a market sector inside a larger system. If you declared all the capital in the US system expropriated you could still allow the various corporations to function with licensed resources. and various forms of regulation.
But Marxist tend to confuse the issue and Marx himself was unclear.
Our idea is that a real communism system must remorph liberal systems and vice versa: issues of economic democratic, legal rights, checks and balances, and a host of related issues must converge on a solution.
We have come to a turning point: we see that capitalism is a dangerous failure. But if we can design socialist democraties under a Commons, there is a way out. Dozens of them. But the minute Marxists start thinking about it we are back in stalinist bedlam.