The Austrian Theory of Efficiency and the Role of Government

The point to be emphasized in this paper is that if one starts with a different view of efficiency and market optimality, an entirely different set of conclusions relative to government intervention can be reached. In particular we will examine the approach to economics taken by the Austrian School and detail how that approach is applied to arrive at the Austrian theory of efficiency. In addition, we will examine how Austrians view government interventions into the market and their ultimate conclusions on the role of government in society.

Volume 4, Number 4 (1980)

“Come What, Come Will!” Richard Overton, Libertarian Leveller

Volume 4, Number 4 (1980)

The Levellers were a group of politically active soldiers and civilians whose organized efforts during the English Civil War (1642–1649) were based on their beliefs in individual liberty. John Lilburne was their popularly recognized leader, but it is in the works of his associate, Richard Overton, that we find the most consistent expression of their incipient libertarianism.

Josiah Warren and the Sovereignty of the Individual

In a Notebook “D” entry dated January 29, 1840, Josiah Warren gave the plan for his “New Social Arrangements” which would emphasize human freedom. Writing in New Harmony, Indiana, he claimed that his plan was intended to restore the natural liberty of mankind gradually — to render to labor its just reward — and to establish security, peace, and the means of enjoyment to all. His ideal society was to be conducted with a watchful and strict regard to the laws of human nature, particularly its individualities.

Introduction: An Economic Critique of Socialism

Collected together in this special issue of the Journal of Libertarian Studies is an apparently quite disparate group of articles on central economic planning, covering some theoretical disputes concerning it as well as some historical instances of attempts to put it into practice. These articles were written independently of one another, yet there runs throughout a single coherent theme: that the notion of planning an entire economy from the center is an utter sham both theoretically and practically.

Volume 5, Number 1 (1981)

Posing the Problem: The Impossibility of Economic Calculation under Socialism

For industry to be operated effectively, it is necessary that those in charge be able to perform “economic calculation.” It does not matter at all, for the purposes of this argument, whether “those in charge” are professional managers, acquisitive capitalists, workers’ councils or other democratically- elected assemblies, or holy men appointed by the gods. The problem of economic calculation which faces them is examined in more detail in some of the following essays, but the general idea can be explained very briefly and simply.

Market Socialism: A Subjectivist Evaluation

This essay is an attempt to provide a modern overview of the economic calculation debate from the Austrian School perspective. Specifically, the many arguments against market socialism will be consolidated to demonstrate the neglected theoretical strength of the free-market perspective. In this regard, the fact that market socialism never has been implemented or even become a ballot box alternative can be better understood.

Volume 5, Number 1 (1981)

Critique of the Standard Account of the Socialist Calculation Debate

As the Marxian philosopher Louis Althusser used to put it, no reading is innocent. The meaning a reader derives from a particular piece of scholarly literature is unavoidably influenced by his premises and analytical frame- work. When the underlying theoretical framework of the reader differs sharply from that of the writers under examination the result is likely to be profound misunderstanding.

Volume 5, Number 1 (1981)