Economic Calculation News Today

The Link between Economic Calculation and Human Personality Economists and historians have clearly shown that the destruction of the value and function of…

Ludwig von Mises is known for his theory of the business cycle and his development of praxeology, but he is best known for discrediting socialism. This…

Ludwig von Mises is known for his theory of the business cycle and his development of praxeology, but he is best known for discrediting socialism. This…

Charles Bettelheim was born on November 20, 1913 in Paris into a banker's family, but he spent his early life in Switzerland and Egypt before moving back to

Commentary Gov. Gavin Newsom’s oil bill to reduce gas prices at the pump actually will increase them. It’s ...

The Soviet government, in accordance with the principles of state socialism, owned and controlled all industry in the country.  The economy was managed by Gosplan, a central planning agency that set levels of production, wages, and prices.  For Soviet ideologues, Gosplan would replace the free market, maximizing efficiency in production and allowing for the more equitable distribution of goods and services.  To accomplish this task, Gosplan utilized a system of material balances.

Socialism and Planning: The Need for Feedback In Part I we explained why socialism could not possibly be organised on the basis of ‘society-wide’ planning…

[T]he confidence in the unlimited power of science is only too often based on a false belief that the scientific method consists of a ready-made technique, or in imitating the form rather than the substance of scientific procedure, as if one needed only to follow some cooking recipes to solve all so

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Political Calculation: Economic Calculation: Science Calculation, Sound Economic and Scientific Calculation have won before and can do it again