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Economic Calculation in the Socialist Commonwealth

Ludwig von Mises · Archiv für Sozialwissenschaft und Sozialpolitik 47; English translation in F. A. Hayek (ed.), Collectivist Economic Planning (Routledge, 1935) · 1920

Type: Article
Author: Ludwig von Mises
Reliability notes: German original: “Die Wirtschaftsrechnung im sozialistischen Gemeinwesen”.

Claims citing this source

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EstablishedMises (1920) argued that without private ownership of and market prices for the means of production, a socialist economy could not calculate costs rationally; Lange (1936–37) replied that a planning board could reach equilibrium prices by trial and error.