Market pricing and market distribution of goods are dynamic and responsive. Government-planning, however, is rigid, fixed, and cannot keep up with the real world.
One of the most important sociological laws is the "Iron Law of Oligarchy": every field of human endeavor, every kind of organization, will always be led by a relatively small elite.
David Gordon discusses Murray Rothbard’s contributions to economic theory and their broader historical context.
The view that Ludwig von Mises had more in mind in his calculation critique of socialism than the Hayekian knowledge problem has recently been attacked by Leland Yeager.
Today, the term "Austrian economics" is used to designate two very different paradigms.
This market process is what allows a capitalist system to efficiently allocate resources, whereas a socialist system cannot—not even “in principle.”
The conflict between what the public expects science to achieve in satisfaction of popular hopes, and what is really in its power, is a serious matter.
