Chapter 7. The Ethical Justification of Capitalism and Why Socialism Is Morally Indefensible
Pages 151–172 in the text.
Calculation and Knowledge
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Chapter 8. The Socio-Psychological Foundations of Socialism or The Theory of The State
Pages 173–198 in the text.
Even Socialists Know that Economic Planning Requires Market Prices
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.
Classical Economics vs. The Exploitation Theory
Not only is capitalism not a system of the exploitation of labor, but the real system of the exploitation of labor is socialism.
The Place of Economic Calculation in the Economic Theory of Ludwig von Mises
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.
Ownership, Scarcity, and Economic Decision Making
By improving our understanding of scarcity, we can greatly improve our understanding of economics overall.
Are Ownership Rent and Pure Profit Separate Returns to the Entrepreneur?
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.
