First published in Norwegian in 1938, the English translation of Hoff's work didn't appear until 1949, and was not widely available. As a survey of the debate on socialist calculation, and a defense of the pure Mises-Hayek position, this work deserves more attention than it has received. He covers a myriad of objections to the idea that by socializing the means of production, government wrecks the ability to calculate. He also addresses still-common criticisms of the capitalist production process.

The contents of this essential work include:

• Introduction (Karen I. Vaughn)
• 1. Statement of the Problem--Earlier Treatment of the Subject--Possibility of "Objective" Discussion
• 2. Definitions and Assumptions
• 3. Procedure--Additional Assumptions--The Aim of Social Economic Activity
• 4. Calculation in Socialism Societies with a Natural Economy
• 5. The Possibility of Economic Calculation in Marxist-Communist Communities
• 6. Money and the Formation of Prices of Consumer Goods in a Socialist Society with Free Choice of Goods and Occupation
• 7. Reserves, Profit, and Risk in the Socialist State
• 8. Interest in the Socialist Society
• 9. Rent in the Socialist Society
• 10. Depreciation in the Socialist Society
• 11. Mises' Theory, Proposed Solutions: Mathematical Solutions and the "Experimental Method"
• 12. Other Solutions, Marginal Costs as Criteria
• 13. Other Suggested Solutions: Competition in the Socialist Community
• 14. Economic Calculation in a Socialist Society Where There Is Free Choice of Goods or Occupation
• 15. Resume and Conclusions
• Appendices
  • A. The Price-Mechanism in a Private Capitalist Society
  • B. Alleged Defects of Capitalist Societies and the Chances of Eliminating them in Socialist Societies
  • C. A Comparison between our Conclusions and Experiences in Soviet Russia

Publication Information

1949, William Hodge and Company, London, 1949