Calculation and Knowledge

Displaying 1 - 10 of 652

No, "Science" Has Not Proven Mises Wrong on Socialism

CapitalismPlanningSocialismCalculation and Knowledge


Socialists never give up trying to prove that socialism can maintain a functioning economy. Some have dragged out a nearly forty year old study as their exhibit A.

Read More

If One Wishes to Discredit Capitalism, One Should at Least Understand How It Works

SocialismCalculation and KnowledgeOther Schools of ThoughtPhilosophy and Methodology


Scott R. Sehon tries to be intellectually honest in his critique of capitalism and his endorsement of socialism, but David Gordon writes that Sehon needs to better know the arguments favoring capitalism.

Read More

Introduction to the Chinese Edition of How to Think about the Economy: A Primer

Austrian Economics OverviewCalculation and KnowledgePhilosophy and MethodologyPraxeology


How do we best understand economics? Per Bylund explains in the introduction to his Chinese version of his book, How to Think about the Economy: A Primer. Economic understanding is now exported to a country with more than a billion people.

Read More

Is the Gig Economy on the Verge of Destruction?

Bureaucracy and RegulationCronyism and CorporatismEconomic PolicyCalculation and Knowledge


Thanks to government interventionism and regulation, the once-promising gig economy is foundering. It's time to let entrepreneurs be entrepreneurs.

Read More

Mises versus Hayek on the Future of Civilization

HayekCalculation and KnowledgePhilosophy and MethodologyPolitical TheoryPraxeology


While F.A. Hayek is known for his term “spontaneous order,” Mises saw institutional development as coming from growth in human understanding of things.

Read More

AI Lacks the Entrepreneurial Intelligence to Plan an Economy

The EntrepreneurPlanningSocialismCalculation and Knowledge


Despite what many elites believe, AI can do many things, but it cannot successfully plan an economy. It lacks the intelligence of an entrepreneur.

Read More

The Problem with Public Transit

Bureaucracy and RegulationEconomic PolicyFree MarketsCalculation and Knowledge


Much of government-owned transportation destroys rather than adds to wealth. The lack of a sound system of economic calculation is to blame.

Read More

Economic Calculation Is Nonbinary

SocialismCalculation and KnowledgeEntrepreneurshipPraxeology


Economic calculation is not an either-or proposition. Even in so-called market economies like that of the USA, there is plenty of government intervention that distorts market processes.

Read More

What Marxists Say about "Market Socialism"

Economic FreedomEconomic PolicyHayekSocialismCalculation and KnowledgePhilosophy and Methodology


Following the collapse of the USSR, many socialists pinned their hopes upon the development of a "market socialism" that would be economically efficient and create equality. Marxist philosopher G.A. Cohen wisely dissented.

Read More

The Market Process Is Not a Knowledge Problem

HayekCalculation and KnowledgePricesProduction Theory


While F.A. Hayek's famous 1945 essay effectively critiques the "perfect information" hypothesis, it is an inadequate explanation of the issue of economic calculation.

Read More