Bureaucracy

Home | Mises Library | 1.2. Economic Calculation

1.2. Economic Calculation

  • Bureaucracy by Ludwig von Mises
0 Views

Tags Calculation and KnowledgeOther Schools of ThoughtPrices

05/02/1944Ludwig von Mises

The impracticability of all schemes of socialism and central planning is to be seen in the impossibility of any kind of economic calculation under conditions in which there is no private ownership of the means of production and consequently no market prices for these factors.

From Chapter I: "Profit Management". Narrated by Millian Quinteros.

Author:

Ludwig von Mises

Ludwig von Mises was the acknowledged leader of the Austrian school of economic thought, a prodigious originator in economic theory, and a prolific author. Mises's writings and lectures encompassed economic theory, history, epistemology, government, and political philosophy. His contributions to economic theory include important clarifications on the quantity theory of money, the theory of the trade cycle, the integration of monetary theory with economic theory in general, and a demonstration that socialism must fail because it cannot solve the problem of economic calculation. Mises was the first scholar to recognize that economics is part of a larger science in human action, a science that he called praxeology.

Shield icon audio