July, 2018

Rationality of the Individual and Rationality of the System: A Critical Examination of the Economic Calculation Problem Over Socialism

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Find this the whole book and this chapter through Springer online.

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.