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
ISBN 0913966932
Hardcover, 405 pp.