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Statistical Malfeasance and Interpreting Economic Phenomena

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07/20/2005Richard Vedder

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.

Author:

Contact Richard Vedder

Vedder is Edwin and Ruth Kennedy Distinguished Professor of Economics and Faculty Associate, Contemporary History Institute, Ohio University.

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.

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