Economic calculation in the socialist commonwealth

Name: Economic calculation in the socialist commonwealth
Brand: Findaway
Availability: InStock
Author: Ludwig von Mises
ISBN: 9798868646249

Author: Ludwig von Mises

Narrator: Jason Smith (Male Synthesized Voice)

Unabridged: 1 hr 11 min

Format: Digital Audiobook Download

Publisher: Loudly

Published: 02/14/2024

Categories: Nonfiction, Business & Economics

Synopsis

"Economic Calculation in the Socialist Commonwealth" is a seminal work by Ludwig von Mises, first published in 1920. In this book, Mises argues that the absence of private ownership of the means of production in a socialist economy inevitably leads to a lack of rational economic calculation, which in turn results in inefficiency, waste, and ultimately the breakdown of the economic system. Mises contends that without private property and market prices determined by supply and demand, socialist planners lack the necessary information to allocate resources efficiently. This inability to accurately assess costs and benefits leads to misallocation and a decline in overall prosperity.

About Ludwig von Mises

Ludwig von Mises (1881–1973) earned his doctorate in law and economics from the University of Vienna in 1906. In 1926, Mises founded the Austrian Institute for Business Cycle Research. From 1909 to 1934, he was an economist for the Vienna Chamber of Commerce. Before the Anschluss, in 1934 Mises left for Geneva, where he was a professor at the Graduate Institute of International Studies until 1940, when he emigrated to New York City. From 1948 to 1969, he was a visiting professor at New York University.

Reviews

Goodreads review by Vladivostok

Mises' 1920 article "Die Wirtschaftsrechnung im sozialistischen Gemeinwesen" dismantled the economic tenets of socialism so efficiently that even Oskar Lange was compelled to suggest: "... as an expression of recognition for the great service rendered by him and as a memento of the prime importance......more

Goodreads review by Jason

A small, efficient tome readily accessible to anyone with a little bit of patience - enough to put the book down and think every once in a while - as to why socialist economics is, ultimately, oxymoronic. If anything von Mises has been vindicated with the fullness of time in this, as stories of GOSP......more

Goodreads review by Alex

Very dry and technical, but that was to be expected due to the subject matter and the fact that the intended audience were professional economists. This is some extremely dense stuff, but if you want to understand Mises' calculation-argument - truly understand it - then reading this is how you go ab......more