Calculation and Knowledge

Pages 199–222 in the text.

Hard-left "democratic socialists" think they figured out how to make government planning possible: use prices. But there's a problem in their argument: prices are impossible without markets.

Not only is capitalism not a system of the exploitation of labor, but the real system of the exploitation of labor is socialism.

The marginalist revolution posed a fundamental problem for economic theory. Mises’s approach not only solved the problem of economizing resources in a division of labor, but provides a robust framework for economic research.

By improving our understanding of scarcity, we can greatly improve our understanding  of economics overall.

This paper elaborates and defends the concept of owner's rent as a return to the technical decision-making function of the owner of the firm. It argues that owner's rent is a return to unhirable labor and is separate and distinct from the profit earned by the owner in his entrepreneurial function as a forecaster of uncertain future market conditions.

This article discusses the changes in Austrian economics stimulated by the Second Socialist Calculation Debate and suggests a direction for future research.

Dr. Salerno discusses his intellectual roots and scholarly work, as well as his funny adventures with Murray Rothbard.

The Economic Theory of Costs contains valuable criticism of the standard neoclassical approach and some original ideas on how to develop causal-realist economics in the Mengerian tradition.

Consumer reviews demonstrate one of the important ways that the market itself provides people with more important information in making purchasing decisions.