We restate Mises’ argument about the impossibility of socialist calculation through the lenses of modern developments in microeconomic theory. In so doing, we provide an alternative interpretation of the debate between Austrians and Market Socialists, which we believe should inform economists’ understanding of the market process.
CITATION STYLE
Piano, E. E., & Boettke, P. J. (2018). Rationality of the individual and rationality of the system: A critical examination of the economic calculation problem over socialism. In The Mystery of Rationality: Mind, Beliefs and the Social Sciences (pp. 219–237). Springer International Publishing. https://doi.org/10.1007/978-3-319-94028-1_14
Mendeley helps you to discover research relevant for your work.