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Economic Calculation in the Socialist Commonwealth

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This is the essay that overthrew the socialist paradigm in economics, and provided the foundation for modern Austrian price theory.
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This is the essay that overthrew the socialist paradigm in economics, and provided the foundation for modern Austrian price theory. When it first appeared in 1920, Mises was alone in challenging the socialists to explain how their pricing system would actually work in practice.

Mises proved that socialism could not work because it could not distinguish more or less valuable uses of social resources, and predicted the system would end in chaos. The result of his proof was the two-decade-long "socialist calculation" debate. This new edition contains an afterword by Joseph Salerno, who applies the calculation argument to contemporary problems like environmentalism and business regulation.

Table of Contents:

  1. The Distribution of Consumption Goods in the Socialist Commonwealth
  2. The Nature of Economic Calculation
  3. Economic Calculation in the Socialist Commonwealth
  4. Responsibility and Initiative in Communal Concerns
  5. The Most Recent Socialist Doctrines and the Problem of Economic Calculation

"The significance of Mises's 1920 article extends far beyond its devastating demonstration of the impossibility of socialist economy and society. It provides the rationale for the price system, purely free markets, the security of private property against all encroachments, and sound money. Its thesis will continue to be relevant as long as economists and policy-makers want to understand why even minor government economic interventions consistently fail to achieve socially beneficial results. "Economic Calculation in the Socialist Commonwealth" surely ranks among the most important economic articles written this century."


-Joseph T. Salerno, from the afterword

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by Marxist
on 10/29/2009
Crushing
Perhaps too short for its own individual release, but if any work deserves it is Ludwig von Mises' "Economic Calculation in the Socialist Commonwealth". This was my first real exposure to Austrian economics and it had me hooked. This is vastly under-read and far too important for any responsible thinker to overlook. Even if you don't agree, for whatever reason, this essay deserves your attention. The afterword by Salerno is especially nifty.
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ISBN 9781610165501
Binding PB
Page Length 90
Publication Date 11/06/2014
Publisher Ludwig von Mises Institute
Dimensions 5x8
Edition 5x8

This is the essay that overthrew the socialist paradigm in economics, and provided the foundation for modern Austrian price theory.
Price: $5.00
This is the essay that overthrew the socialist paradigm in economics, and provided the foundation for modern Austrian price theory.
Price: $3.00