The Austrian Economics Wiki - User contributions [en]

Slavery

2011-01-10T15:04:23Z

Bkmarcus: Americanizing spelling

'''Slavery''' is a system in which one must [[labour]] under the orders of another under the threat of violence.<ref name="violence">Murray N. Rothbard. [http://mises.org/rothbard/mes/chap2a.asp "1. Types of Interpersonal Action: Violence"], Chapter 2-Direct Exchange, ''[[Man, Economy and State]]'', online edition, referenced 2010-12-12.</ref> Slavery is therefore a form of [[binary intervention]] in which the master compels the slave to engage in a certain kind of [[production]].

Slavery is by definition a hegemonic relationship, meaning that it is sustained through violence or threats of violence. The slave himself is an economic [[factor of production]] from the master's perspective.<ref name="violence" /> This is in contrast with a voluntary employer-employee relationship, where the employee's labor, not the employee himself, is a factor of production for the employer.

==Conscription==
Conscription is a specific form of slavery which requires a person to undergo military training and perform military duties (including war). It is commonplace in many countries around the world, such as [[South Korea]], [[Israel]], and [[Singapore]].

==References==
<references/>

{{stub}}

[[Category:Interventions]]

Karl Marx

2010-12-22T12:47:45Z

Bkmarcus: adding wikipedia link and identifying this page as a stub

'''Karl Marx''' (May 5, 1818 – March 14, 1883) was a German philosopher who is best know for his contributions to modern [[Communist]] theory, as outlined in ''[[The Communist Manifesto]],'' cowritten by [[Friedrich Engels]] in 1848.

==External Links==
* [[wikipedia:Karl Marx|Karl Marx on Wikipedia]]

{{stub}}
{{DEFAULTSORT:Marx, Karl}}
[[Category:Statists]]

H. L. Mencken

2010-12-20T12:51:01Z

Bkmarcus: create page

'''Henry Louis "H. L." Mencken''' (September 12, 1880 – January 29, 1956), was an American journalist, essayist, magazine editor, satirist, acerbic critic of American life and culture, and a student of American English.[1] Mencken, known as the "Sage of Baltimore", is regarded as one of the most influential American writers and prose stylists of the first half of the 20th century.

==External links==
* [[wikipedia:H. L. Mencken|H. L. Mencken on Wikipedia]]
* [http://mises.org/daily/1115 "H.L. Mencken: The Joyous Libertarian," Mises Daily by Murray N. Rothbard]
* [http://mises.org/daily/1018 "H.L. Mencken on Liberty and Government," Mises Daily by Gary Galles]
* [http://mises.org/daily/3359 "Forbidden Thoughts from Mencken," Mises Daily by Doug French]
* [http://mises.org/media/5378 "The Elitist Individualism of H.L. Mencken," The Libertarian Tradition (audio podcast) by Jeff Riggenbach]
* [http://mises.org/daily/4756 "The Elitist Individualism of H.L. Mencken," Mises Daily by Jeff Riggenbach]

{{stub}}
[[Category:Libertarians]]
[[Category:Philosophers]]
[[Category:Political theorists]]

Out of Step

2010-12-17T15:02:45Z

Bkmarcus: create page

'''Out of Step: The Autobiography of an Individualist''' (1962) was the last of [[Frank Chodorov]]'s books published during his lifetime. It is a collection of essays, including [http://mises.org/daily/2498 "The Ethic of the Peddler Class,"] [http://mises.org/daily/2500 "Taxation Is Robbery,"] [http://mises.org/daily/3882 "St. Paul and the Communists,"] [http://mises.org/daily/4764 "If We Quit Voting,"] "Isolationism," and "I Watch Westerns."
<ref>Chodorov, Frank [http://mises.org/resources/3084/Out-of-Step Out of Step: The Autobiography of an Individualist]</ref>

==References==
{{Reflist|2}}

[[Category:Literature]]

{{stub}}

The Panic of 1819

2010-12-16T19:01:36Z

Bkmarcus: correcting URL

This book was Murray Rothbard's dissertation at Columbia University. In it, he explores the American [[Panic_of_1819|economic upheaval of 1819.]]<ref>Rothbard, Murray N. [http://mises.org/resources/6051/The-Panic-of-1819-Reactions-and-Policies The Panic of 1819]</ref>

Mark Skousen praises this book as "fascinating … incisive and extremely well-styled." <ref>Skousen, Mark. [http://mises.org/daily/4020 "The Panic of 1819."] <i>Mises Daily</i>. January 25, 2010.</ref>

==References==
{{Reflist|2}}

[[Category:Literature]]

{{stub}}

Robert LeFevre

2010-12-06T17:09:13Z

Bkmarcus: create page

Robert LeFevre (1911–1986) ran the Freedom School and Rampart College, founded in 1957.
He had a legendary impact on a whole generation of libertarians.

LeFevre's [http://mises.org/media.aspx?action=showname&ID=529 complete audio archive] is available in Mises Media.

'''Links'''
* [http://mises.org/articles.aspx?AuthorId=529 Mises Daily archive for Robert LeFevre]
* [http://mises.org/literature.aspx?action=author&Id=529 Mises Literature archive for Robert LeFevre]
* [http://mises.org/store/Search.aspx?m=99 Mises Store books by Robert LeFevre]
* [http://mises.org/media.aspx?action=author&ID=529 Mises Media page for Robert LeFevre]

Thomas Szasz

2010-12-06T17:03:02Z

Bkmarcus: adding link

{{Wikipedia text|Thomas_Szasz|399588815}}

'''Thomas Stephen Szasz''' (pronounced Saas) (born April 15, 1920) is a [[psychiatrist]] and [[academic]]. Since 1990 he has been Professor Emeritus of [[Psychiatry]] at the [[State University of New York]] Health Science Center in [[Syracuse, New York|Syracuse]], [[New York]]. He is a well-known social critic of the moral and scientific foundations of psychiatry, and of the [[social control]] aims of medicine in modern society, as well as of [[scientism]]. He is well known for his books ''[[The Myth of Mental Illness]]'' ([[1960]]) and ''The Manufacture of Madness: A Comparative Study of the Inquisition and the Mental Health Movement'' ([[1970]]), which set out some of the arguments with which he is most associated.

His views on special treatment follow from [[classical liberalism|classical liberal]] roots which are based on the principles that each person has the right to bodily and mental [[self-ownership]] and the right to be free from violence from others, although he criticized the "[[Free World]]" as well as the [[Communist state]]s for its use of psychiatry and "drogophobia". He believes that suicide, the practice of [[medicine]], use and sale of drugs and sexual relations should be private, contractual, and outside of state jurisdiction.

'''Links'''
* [https://mises.org/literature.aspx?action=author&Id=426 Mises Literature Archive for Thomas S. Szasz]

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{{DEFAULTSORT:Szasz, Thomas}}
[[Category:Libertarians]]
[[Category:Psychiatrists]]

Karl Hess

2010-12-06T16:50:42Z

Bkmarcus: Created page with "{{stub}} Karl Hess (1923–1994) was an American national-level speechwriter and author. His career included stints on the Republican Right and the New Left before he became a l..."

{{stub}}

Karl Hess (1923–1994) was an American national-level speechwriter and author. His career included stints on the Republican Right and the New Left before he became a libertarian anarchist.

The documentary film ''Karl Hess: Toward Liberty'' won the Academy Award for best short documentary in 1981.

'''Links'''
* [http://mises.org/articles.aspx?AuthorId=1350 Mises Daily archive for Karl Hess]
* [http://mises.org/daily/4330 "Karl Hess and the Death of Politics" Mises Daily: Thursday, May 13, 2010 by Jeff Riggenbach]
* [http://mises.org/daily/1400 "Remembering Karl Hess" Mises Daily: Wednesday, December 31, 2003 by Gary Galles]
* [http://en.wikipedia.org/wiki/Karl_Hess Wikipedia page on Karl Hess]
* [http://video.google.com/videoplay?docid=-574553336386396499 Karl Hess: Toward Liberty (video)]

Jarret B. Wollstein

2010-12-06T16:36:49Z

Bkmarcus: Created page with "{{stub}} Jarret B. Wollstein works as an independent writer and direct-mail marketing specialist. He is a founder and director of the [http://www.isil.org/ International Society..."

{{stub}}

Jarret B. Wollstein works as an independent writer and direct-mail marketing specialist. He is a founder and director of the [http://www.isil.org/ International Society for Individual Liberty] (ISIL), an international human-rights and free-market networking organization with members in over eighty countries.

He is the author of hundreds of articles and four books, including ''Society Without Coercion'' (1969).

'''Links'''
* [http://mises.org/articles.aspx?AuthorId=763 Mises Daily archive for Jarret B. Wollstein]
* [http://mises.org/books/societycoercion.pdf ''Society Without Coercion'' (PDF)]

Herbert Spencer

2010-12-06T16:04:34Z

Bkmarcus:

{{stub}}

'''Herbert Spencer''' (27 April 1820 – 8 December 1903) was one of the leading 19th-century English radical individualists. He began working as a journalist for the [[laissez-faire]] magazine ''[[The Economist]]'' in the 1850s. Much of the rest of his life was spent working on an all-encompassing theory of human development based upon the ideas of individualism, [[utilitarianism|utilitarian]] moral theory, social and biological evolution, limited government, and laissez-faire economics.

==External links==
* [[wikipedia:Herbert Spencer|Herbert Spencer on Wikipedia]]
* [http://mises.org/daily/author/1021 Mises Daily Archive for Herbert Spencer]
* [http://mises.org/literature.aspx?action=author&Id=1021 Mises Literature Archive for Herbert Spencer]
* [http://mises.org/store/Search.aspx?m=54 Mises Store books by Herbert Spencer]
* [http://mises.org/daily/4779 Herbert Spencer: Social Darwinist or Libertarian Prophet?]

{{stub}}
[[Category:Libertarians]]
[[Category:Philosophers]]
[[Category:Political theorists]]

Albert Jay Nock

2010-12-06T16:03:55Z

Bkmarcus:

{{stub}}

'''Albert Jay Nock''' (October 13, 1870 – August 19, 1945) was an influential [[United States|American]] [[libertarianism|libertarian]] author, educational theorist, and social critic of the early and middle 20th century. [[Murray N. Rothbard|Murray Rothbard]] was deeply influenced by him, and so was the whole generation of free-market thinkers of the 1950s.

==External links==
* [http://mises.org/articles.aspx?AuthorId=731 Mises Daily archive for Albert Jay Nock]
* [http://mises.org/store/Search.aspx?m=58 Mises Store books by Albert Jay Nock]
* [http://mises.org/media.aspx?action=author&Id=731 Mises Media page for Albert Jay Nock]
* [http://mises.org/literature.aspx?action=author&Id=731 Mises Literature archive for Albert Jay Nock]
* [http://mises.org/store/Nock-T-Shirt-Heather-Green-P312C43.aspx Nock T-Shirt Heather Green]
* [http://mises.org/daily/4689 "Albert Jay Nock and the Libertarian Tradition" by Jeff Riggenbach]
* [http://mises.org/daily/2717 "Albert Jay Nock: Forgotten Man of the Old Right" by Jeffrey A. Tucker]
* [http://mises.org/pdf/whois/nock.pdf "Who Is Albert Jay Nock?" (PDF) from the Mises Institute]

{{stub}}
[[Category:Libertarians]]
[[Category:Political theorists]]

Military-industrial complex

2010-12-06T16:03:34Z

Bkmarcus:

{{stub}}

'''Military–industrial complex''' ('''MIC''') is a concept commonly used to refer to [[policy]] relationships between [[government]]s, national [[armed forces]], and the [[industry|industrial sector]] that supports them. These relationships include political approval for research, development, production, use, and support for military training, weapons, equipment, and facilities within the national defense and security policy. It is a type of [[Iron triangle (US politics)|iron triangle]].

The term is most often played in reference to the [[military of the United States]], where it gained popularity after its use in the [[s:Military-Industrial Complex Speech|farewell address speech]] of President [[Dwight D. Eisenhower]], though the term is applicable to any country with a similarly developed infrastructure.

It is sometimes used more broadly to include the entire network of contracts and flows of money and resources among individuals as well as institutions of the [[defense contractor]]s, [[The Pentagon]], and the [[Federal government of the United States#The Legislative Branch|Congress]] and [[Federal government of the United States#Executive branch|executive branch]]. This sector is intrinsically prone to [[principal-agent problem]], [[moral hazard]], and [[rent seeking]]. Cases of [[political corruption]] have also surfaced with regularity.

'''Links'''
* [http://en.wikipedia.org/wiki/Military-industrial_complex Wikipedia page on the Military-industrial complex (MIC)]
* [http://mises.org/daily/2450 "The Living Reality of Military-Economic Fascism" Mises Daily: Saturday, January 20, 2007 by Robert Higgs]

Military-industrial complex

2010-12-06T16:01:31Z

Bkmarcus: Created page with "'''Military–industrial complex''' ('''MIC''') is a concept commonly used to refer to policy relationships between governments, national armed forces, and the [[indu..."

'''Military–industrial complex''' ('''MIC''') is a concept commonly used to refer to [[policy]] relationships between [[government]]s, national [[armed forces]], and the [[industry|industrial sector]] that supports them. These relationships include political approval for research, development, production, use, and support for military training, weapons, equipment, and facilities within the national defense and security policy. It is a type of [[Iron triangle (US politics)|iron triangle]].

The term is most often played in reference to the [[military of the United States]], where it gained popularity after its use in the [[s:Military-Industrial Complex Speech|farewell address speech]] of President [[Dwight D. Eisenhower]], though the term is applicable to any country with a similarly developed infrastructure.

It is sometimes used more broadly to include the entire network of contracts and flows of money and resources among individuals as well as institutions of the [[defense contractor]]s, [[The Pentagon]], and the [[Federal government of the United States#The Legislative Branch|Congress]] and [[Federal government of the United States#Executive branch|executive branch]]. This sector is intrinsically prone to [[principal-agent problem]], [[moral hazard]], and [[rent seeking]]. Cases of [[political corruption]] have also surfaced with regularity.

'''Links'''
* [http://en.wikipedia.org/wiki/Military-industrial_complex Wikipedia page on the Military-industrial complex (MIC)]
* [http://mises.org/daily/2450 "The Living Reality of Military-Economic Fascism" Mises Daily: Saturday, January 20, 2007 by Robert Higgs]

Albert Jay Nock

2010-12-06T15:50:41Z

Bkmarcus: Created page with "Albert Jay Nock (October 13, 1870 – August 19, 1945) was an influential American libertarian author, educational theorist, and social critic of the early and middle 20th centur..."

Albert Jay Nock (October 13, 1870 – August 19, 1945) was an influential American libertarian author, educational theorist, and social critic of the early and middle 20th century. Murray Rothbard was deeply influenced by him, and so was the whole generation of free-market thinkers of the 1950s.

'''Links'''
* [http://mises.org/articles.aspx?AuthorId=731 Mises Daily archive for Albert Jay Nock]
* [http://mises.org/store/Search.aspx?m=58 Mises Store books by Albert Jay Nock]
* [http://mises.org/media.aspx?action=author&Id=731 Mises Media page for Albert Jay Nock]
* [http://mises.org/literature.aspx?action=author&Id=731 Mises Literature archive for Albert Jay Nock]
* [http://mises.org/store/Nock-T-Shirt-Heather-Green-P312C43.aspx Nock T-Shirt Heather Green]
* [http://mises.org/daily/4689 "Albert Jay Nock and the Libertarian Tradition" by Jeff Riggenbach]
* [http://mises.org/daily/2717 "Albert Jay Nock: Forgotten Man of the Old Right" by Jeffrey A. Tucker]
* [http://mises.org/pdf/whois/nock.pdf "Who Is Albert Jay Nock?" (PDF) from the Mises Institute]

Herbert Spencer

2010-12-06T15:40:14Z

Bkmarcus: Created page with "Herbert Spencer (1820–1903) was one of the leading 19th-century English radical individualists. He began working as a journalist for the laissez-faire magazine The Economist in..."

Herbert Spencer (1820–1903) was one of the leading 19th-century English radical individualists. He began working as a journalist for the laissez-faire magazine The Economist in the 1850s. Much of the rest of his life was spent working on an all-encompassing theory of human development based upon the ideas of individualism, utilitarian moral theory, social and biological evolution, limited government, and laissez-faire economics.

'''Links'''
* [http://en.wikipedia.org/wiki/Herbert_Spencer Wikipedia page for Herbert Spencer]
* [http://mises.org/daily/author/1021 Mises Daily Archive for Herbert Spencer]
* [http://mises.org/literature.aspx?action=author&Id=1021 Mises Literature Archive for Herbert Spencer]
* [http://mises.org/store/Search.aspx?m=54 Mises Store books by Herbert Spencer]
* [http://mises.org/daily/4779 Herbert Spencer: Social Darwinist or Libertarian Prophet?]

Mercantilism

2010-12-02T20:49:46Z

Bkmarcus: Created page with "'''Mercantilism''' is an economic theory, thought to be a form of economic nationalism,<ref name=econlib>{{cite web|accessdate=2010-03-14|url=http://www.econlib.org/libra..."

'''Mercantilism''' is an [[economic theory]], thought to be a form of [[economic nationalism]],<ref name=econlib>{{cite web|accessdate=2010-03-14|url=http://www.econlib.org/library/Enc/Mercantilism.html|title=Mercantilism|publisher=The Concise Encyclopedia of Economics}}</ref> that holds that the prosperity of a nation is dependent upon its supply of [[Capital (economics)|capital]], and that the [[world economy|global volume]] of [[international trade]] is "unchangeable". Economic assets (or capital) are represented by [[bullion]] (gold, silver, and trade value) held by the state, which is best increased through a positive and healthy [[balance of trade]] with other nations (exports minus imports).

The theory assumes that wealth and monetary assets are identical. Mercantilism suggests that the ruling government should advance these goals by playing a [[protectionism|protectionist]] role in the economy by encouraging exports and discouraging imports, notably through the use of [[subsidy|subsidies]] and [[tariffs]] respectively. The theory dominated [[Western Europe]]an economic policies from the 16th to the late-18th century.<ref name=econlib/>

==Notes==
{{Reflist|colwidth=30em}}

==References==
* [http://mises.org/daily/4304 Mercantilism: A Lesson for Our Times?] by Murray N. Rothbard, from [http://mises.org/resources/3985/Economic-Thought-Before-Adam-Smith-An-Austrian-Perspective-on-the-History-of-Economic-Thought-Volume-I An Austrian Perspective on the History of Economic Thought, vol. 1, Economic Thought Before Adam Smith].
*{{cite book|title=Mercantilism as a Rent-Seeking Society: Economic Regulation in Historical Perspective|last=Ekelund|first=Robert B.|authorlink=|coauthors=Tollison, Robert D.|year=1981| publisher=Texas A&M University Press|location=College Station, TX |isbn=0890961204|pages=}}
*{{cite book|title=A History of Economic Theory and Method|last=Ekelund|first=Robert B.|authorlink= |coauthors=Hébert, Robert F.|year=1975|publisher=McGraw–Hill|location=New York|isbn= 0070191433|pages=}}

Economic calculation problem

2010-11-24T17:23:38Z

Bkmarcus:

The '''economic calculation problem''' is a criticism of central [[economic planning]]. It was first proposed by [[Ludwig von Mises]] in 1920 and later expounded by [[Friedrich Hayek]].<ref name="Mises">{{cite book
|title= Economic calculation in the Socialist Commonwealth
|accessdate=2008-09-08
|last= Von Mises
|first= Ludwig
|authorlink= Ludwig von Mises
|year= 1990
|format= pdf
|publisher= [[Ludwig von Mises Institute]]
|url= http://mises.org/pdf/econcalc.pdf
}}</ref><ref>F. A. Hayek, (1935), "The Nature and History of the Problem" and "The Present State of the Debate," om in F. A. Hayek, ed. ''Collectivist Economic Planning'', pp. 1-40, 201-43.</ref> The problem referred to is that of how to distribute resources [[Rational choice theory|rationally]] in an economy. The [[free market]] solution is the [[price mechanism]], wherein people individually have the ability to decide how a good or service should be distributed based on their willingness to give money for it. The price conveys embedded information about the [[Supply and demand|abundance of resources as well as their desirability]] which in turn allows, on the basis of individual consensual decisions, corrections that prevent [[Economic shortage|shortages]] and [[Economic surplus|surpluses]]; Mises and Hayek argued that this is the only possible solution, and without the information provided by market prices socialism lacks a method to rationally allocate resources. Those who agree with this criticism argue it is a refutation of [[socialism]] and that it shows that a [[socialist]] [[planned economy]] could never work. The debate raged in the 1920s and 1930s, and that specific period of the debate has come to be known by [[economic historian]]s as ''The Socialist Calculation Debate.''

[[Ludwig von Mises]] argued in a famous 1920 article "Economic Calculation in the Socialist Commonwealth" that the pricing systems in socialist economies were necessarily deficient because if government owned or controlled the [[means of production]], then no rational prices could be obtained for [[capital goods]] as they were merely internal transfers of goods in a socialist system and not "objects of exchange," unlike final goods. Therefore, they were unpriced and hence the system would be necessarily inefficient since the central planners would not know how to allocate the available resources efficiently.<ref name="Mises" /> This led him to declare "...that rational economic activity is impossible in a socialist [[commonwealth]]."<ref name="Mises" /> Mises developed his critique of socialism more completely in his 1922 book ''Socialism, an Economic and Sociological Analysis''.

==References==
<div style="font-size:85%">
<references/>
</div>

==External links==
*[http://mises.org/humanaction/chap26sec1.asp The Impossibility of Economic Calculation Under Socialism] by [[Ludwig von Mises]]
*[http://www.missouri.edu/~econ4mp/Econ_4345/syl_articles/Hayek_The%20Use%20of%20Knowledge%20in%20Society%20(F.A.pdf The Use of Knowledge in Society] by [[Friedrich Hayek]]
*[http://mises.org/daily/2401 The End of Socialism and the Calculation Debate Revisited] by [[Murray N. Rothbard]]
*[http://mises.org/journals/scholar/mackenzie10.pdf Oskar Lange and the Impossibility of Economic Calculation] by [[D.W. MacKenzie]]
*[http://mises.org/journals/scholar/Boettke.pdf Socialism: Still Impossible After All These Years] by [[Peter J. Boettke]] and Peter T. Leeson
*[http://mises.org/misesreview_detail.asp?control=267 Must Economies Be Rational?] by [[David Gordon]]
*[http://mises.org/journals/rae/pdf/rae9_1_13.pdf Socialism: A Property or Knowledge Problem?] by [[Hans-Hermann Hoppe]]
*[http://mises.org/media/5220 Calculation and Socialism] by [[Joseph T. Salerno]], Recorded July 27, 2010 in Auburn, Alabama. Includes an introduction by Mark Thornton (1:00:38).

{{DEFAULTSORT:Economic Calculation Problem}}
[[Category:History of economic thought]]
[[Category:Austrian School]]
[[Category:Economic theories]]
[[Category:Economic planning]]
[[Category:Socialism]]

Economic calculation problem

2010-11-24T17:18:39Z

Bkmarcus: Created page with "The '''economic calculation problem''' is a criticism of central economic planning. It was first proposed by Ludwig von Mises in 1920 and later expounded by [[Friedrich H..."

The '''economic calculation problem''' is a criticism of central [[economic planning]]. It was first proposed by [[Ludwig von Mises]] in 1920 and later expounded by [[Friedrich Hayek]].<ref name="Mises">{{cite book
|title= Economic calculation in the Socialist Commonwealth
|accessdate=2008-09-08
|last= Von Mises
|first= Ludwig
|authorlink= Ludwig von Mises
|year= 1990
|format= pdf
|publisher= [[Ludwig von Mises Institute]]
|url= http://mises.org/pdf/econcalc.pdf
}}</ref><ref>F. A. Hayek, (1935), "The Nature and History of the Problem" and "The Present State of the Debate," om in F. A. Hayek, ed. ''Collectivist Economic Planning'', pp. 1-40, 201-43.</ref> The problem referred to is that of how to distribute resources [[Rational choice theory|rationally]] in an economy. The [[free market]] solution is the [[price mechanism]], wherein people individually have the ability to decide how a good or service should be distributed based on their willingness to give money for it. The price conveys embedded information about the [[Supply and demand|abundance of resources as well as their desirability]] which in turn allows, on the basis of individual consensual decisions, corrections that prevent [[Economic shortage|shortages]] and [[Economic surplus|surpluses]]; Mises and Hayek argued that this is the only possible solution, and without the information provided by market prices socialism lacks a method to rationally allocate resources. Those who agree with this criticism argue it is a refutation of [[socialism]] and that it shows that a [[socialist]] [[planned economy]] could never work. The debate raged in the 1920s and 1930s, and that specific period of the debate has come to be known by [[economic historian]]s as ''The Socialist Calculation Debate.''{{Citation needed|date=October 2010}}

[[Ludwig von Mises]] argued in a famous 1920 article "Economic Calculation in the Socialist Commonwealth" that the pricing systems in socialist economies were necessarily deficient because if government owned or controlled the [[means of production]], then no rational prices could be obtained for [[capital goods]] as they were merely internal transfers of goods in a socialist system and not "objects of exchange," unlike final goods. Therefore, they were unpriced and hence the system would be necessarily inefficient since the central planners would not know how to allocate the available resources efficiently.<ref name="Mises" /> This led him to declare "...that rational economic activity is impossible in a socialist [[commonwealth]]."<ref name="Mises" /> Mises developed his critique of socialism more completely in his 1922 book ''Socialism, an Economic and Sociological Analysis''.

==References==
<div style="font-size:85%">
<references/>
</div>

==External links==
*[http://mises.org/humanaction/chap26sec1.asp The Impossibility of Economic Calculation Under Socialism] by [[Ludwig von Mises]]
*[http://www.missouri.edu/~econ4mp/Econ_4345/syl_articles/Hayek_The%20Use%20of%20Knowledge%20in%20Society%20(F.A.pdf The Use of Knowledge in Society] by [[Friedrich Hayek]]
*[http://mises.org/daily/2401 The End of Socialism and the Calculation Debate Revisited] by [[Murray N. Rothbard]]
*[http://mises.org/journals/scholar/mackenzie10.pdf Oskar Lange and the Impossibility of Economic Calculation] by [[D.W. MacKenzie]]
*[http://mises.org/journals/scholar/Boettke.pdf Socialism: Still Impossible After All These Years] by [[Peter J. Boettke]] and Peter T. Leeson
*[http://mises.org/misesreview_detail.asp?control=267 Must Economies Be Rational?] by [[David Gordon]]
*[http://mises.org/journals/rae/pdf/rae9_1_13.pdf Socialism: A Property or Knowledge Problem?] by [[Hans-Hermann Hoppe]]
*[http://mises.org/media/5220 Calculation and Socialism] by [[Joseph T. Salerno]], Recorded July 27, 2010 in Auburn, Alabama. Includes an introduction by Mark Thornton (1:00:38).

{{DEFAULTSORT:Economic Calculation Problem}}
[[Category:History of economic thought]]
[[Category:Austrian School]]
[[Category:Economic theories]]
[[Category:Economic planning]]
[[Category:Socialism]]

Main Page

2010-11-11T19:22:11Z

Bkmarcus: grammatically incomplete captions don't take terminal punctuation

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'''[[MisesWiki:About|Mises Wiki]]''' is a wiki project dedicated to the advancement of the Austrian School of Economics and related thought. Sponsored by the [[Mises Institute]] and founded on November 5, 2010, the repository now has {{NUMBEROFARTICLES}} articles. We are always looking for more contributors – to begin, you can experiment in the [[MisesWiki:Sandbox|sandbox]], edit an existing article, or start a new one!
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|{{MisesWiki:Featured article/{{CURRENTMONTHNAME}} {{CURRENTYEAR}}}}
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|{{New articles}}
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|{{Current events}}
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|{{This week in history}}
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[[Category:Main Page]]