Calculation and Knowledge

Paul Krugman attacked Ron Paul, Paul Ryan, and “Honest Money” and also took a shot at Austrian economists

Mises  was correct about the inherent irrationality of the socialist state but did not extend his critique to the irrational essence of the state itself.

What distinguishes the working of material <i>goods</i> from the working of other kinds of natural <i>things</i> is that the results are directed toward the advantage of man.

Marxist writers had begun to deal more closely with the problems of regulation within socialism. But they still cautiously avoided the crucial question.
 

As society and technology progress, the instantaneous sharing of knowledge and information is not something to fear but to celebrate. In a world where capital moves at the speed of light, flash trading ensures that resources will continue to meet more deserving hands and be put to more efficient use.

From Man, Economy, and State, narrated by Jeff Riggenbach.

What is the problem we wish to solve when we try to construct a rational economic order?

From Man, Economy, and State, narrated by Jeff Riggenbach.

Austrians argue that government spending and monetary expansion are counterproductive and handicap economic calculation.

Archived from the live Mises.tv broadcast, this lecture by Hans Hoppe was presented at the 2011 Mises University in Auburn, Alabama.