Socialism Economic Calculation And Entrepreneurship

This highly topical book presents a new theory on the characteristics of entrepreneurial knowledge. It explores the recent shift among professional economists and scholars in their evaluation of the debate of socialism. Socialism, Economic Calculation and Entrepreneurship presents an application of Israel M. Kirzner's theory of entrepreneurship to the theory of the impossibility of socialism. It discusses the influence of the fall of socialism, with particular reference to the evolution of economic thought.

This set contains the material necessary for a full understanding of the Socialist Calculation debate, as well as giving critical insight into the relative merits of Capitalism, Socialism and the alternative Market Socialism.

This is the essay that overthrew the socialist paradigm in economics, and provided the foundation for modern Austrian price theory. When it first appeared in 1920, Mises was alone in challenging the socialists to explain how their pricing system would actually work in practice. Mises proved that socialism could not work because it could not distinguish more or less valuable uses of social resources, and predicted the system would end in chaos. The result of his proof was the two-decade-long "socialist calculation" debate. This new edition contains an afterword by Joseph Salerno, who applies the calculation argument to contemporary problems like environmentalism and business regulation. "The significance of Misess 1920 article extends far beyond its devastating demonstration of the impossibility of socialist economy and society. It provides the rationale for the price system, purely free markets, the security of private property against all encroachments, and sound money. Its thesis will continue to be relevant as long as economists and policy-makers want to understand why even minor government economic interventions consistently fail to achieve socially beneficial results. "Economic Calculation in the Socialist Commonwealth" surely ranks among the most important economic articles written this century." -Joseph T. Salerno, from the afterword

LARGE PRINT EDITION! More at LargePrintLiberty.com. This is the essay that overthrew the socialist paradigm in economics, and provided the foundation for modern Austrian price theory. When it first appeared in 1920, Mises was alone in challenging the socialists to explain how their pricing system would actually work in practice. Mises proved that socialism could not work because it could not distinguish more or less valuable uses of social resources, and predicted the system would end in chaos. The result of his proof was the two-decade-long "socialist calculation" debate. This new edition contains an afterword by Joseph Salerno, who applies the calculation argument to contemporary problems like environmentalism and business regulation.

This volume is composed of interviews with entrepreneurs from Bulgaria, Estonia, Macedonia, Latvia, Lithuania, and Russian Karelia, and reveals both unique patterns and striking similarities in entrepreneurial activities during the administrative economy of socialism and the period of post-socialism. The book challenges simultaneously the common way of conceptualizing entrepreneurship, the commonly held belief that there were no entrepreneurs under socialism, and the commonly held idea of post-socialism as an antidote to socialist order. The stories of start-up entrepreneurs of the post-socialist transition also challenge some of the key neo-liberal principles. The book is theoretically inspired by the recent studies of economic historians, critical reading of the classical ideas of Joseph Schumpeter on innovations in non-market economies, and the original model of the communist ‘Sacred and Profane’, developed by Markku Kivinen.

Dr. Hoff's 1938 book and Professor Vaughn's important introduction establish the theoretical impossibility of socialism: a system empirically in ruins but still advocated by many.

These extracts concern the relationship between market and plan, or how to organize an economy to best satisfy demands for efficiency, compassion and freedom. Beginning with Karl Marx, this volume presents the non-market, market and mixed market models. It includes the socialist calculation debate and the experiences of Russia, East-Central Europe, Sweden, the US and China.