Review of Austrian Economics, Volumes 1-10

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Statistical Malfeasance and Interpreting Economic Phenomena

  • The Review of Austrian Economics
July 20, 2005

Tags Philosophy and Methodology

Vol. 10, No. 2 (YEAR)

It took seven decades, but most people now accept what Ludwig von Mises explained three quarters of a century ago, namely, that centrally directed socialistic economies cannot succeed in coordinating vast numbers of interrelated decisions, in large part because of the information problem arising from non-market forms of resource allocation (Mises 1920). No amount of input-out- put models generated on vast computers can overcome the problems of directing resources under changing conditions of wants and scar-city.

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References

The Review of Austrian Economics, Vol. 10, No. 2, pp. 77-90.

Cite This Article

Vedder, Richard. "Statistical Malfeasance and Interpreting Economic Phenomena." The Review of Austrian Economics 10, No. 2 (1997): 77–89.