Mises’ socialist calculation argument reshaped the debate about socialism. It was not true that socialism could work and could use the same techniques as capitalism. The book Socialism had a decisive impact on Hayek and other rising economists.
This 1912 book is Mises’ first great theory. Mises agreed with Menger about the spontaneous emergence of money. No government is needed. Mises used a logical proof called the regression theory. It explained why money is demanded in its own right.
Carl Menger (b. 1840) dared to create something he called the Austrian School of Economics. His was a new way of doing economic analysis. He sided with Aristotle’s realism.
When we discovered a solid stash of this book, the excitement in our offices was palpable.
