Economic Calculation In The Socialist Commonwealth

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III. Economic Calculation in the Socialist Commonwealth

Economic Calculation Socialist Commonwealth

Tags Austrian Economics OverviewCalculation and KnowledgeOther Schools of Thought

07/01/2008Ludwig von Mises

From Economic Calculation In The Socialist Commonwealth. Pages 26-33 in the text, as narrated by Gennady Stolyarov II.


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.