The Economic Calculation Debate


This conference explored one of the central debates of the twentieth century: the debate over economic calculation. This conference focused on the nature, reach, and implications of the arguments in support of the superiority of a market economy over a planned economy in that regard.


From Liberty Fund


by By Ludwig von Mises
Translated by J. Kahane
Foreword by F. A. Hayek

More than thirty years ago F. A. Hayek said of Socialism: “It was a work on political economy in the tradition of the great moral philosophers, a Montesquieu or Adam Smith, containing both acute knowledge and profound wisdom. . . . To none of us young men who read the…

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Additional Readings

Hayek, F. A., eds. Collectivist Economic Planning. London: Routledge, 1935.

Dobb, M. “Economic Theory and the Problem of a Socialist Economy.” Economic Journal 43, no. 172 (1933): 588-598.

Frisch, R. “Circulation Planning: Proposal for a National Organization of a Commodity and Service Exchange.” Econometrica 2, no. 3 (1934): 259-261.

Hayek, F. A. “Economics and Knowledge.” Economica 4, no. 13 (1937): 33-54.

Lange, O. Economic Theory and Market Socialism. Aldershot: Edward Elgar, 1990.

Lange, Oskar. “On The Economic Theory of Socialism.” Review of Economic Studies (October 1936): 123-136.

Lerner A. “Economic Theory and Socialist Economy.” Review of Economic Studies 2, no. 1 (1934): 51-61.

Mises, Ludwig von. Human Action: A Treatise on Economics, Volume 3. Edited by Bettina Bien Greaves. Indianapolis: Liberty Fund, Inc., 2007.

Mises, Ludwig von. Economic Calculation in the Socialist Commonwealth. Auburn: Mises Institute, 1990.

Mises, Ludwig von. Human Action: A Treatise on Economics, Volume 1. Edited by Bettina Bien Greaves. Indianapolis: Liberty Fund, 2007.

Neurath, O. Economic Writings: Selections 1904-1945. Vienna: Springer, 1995.

Polanyi, K. “Socialist Accounting.” Theory and Society  45, no. 5 (2016): 398-421.

Polanyi, K. “The functionalist theory of society and the problem of socialist calculability - A rejoinder to Pr. L. Von Mises and Dr. Felix Weil.” Cahier Monnaie et Financement 2, no. 22 (1994): 115-126.

Taylor, F. “The Guidance of Production in a Socialist State.” American Economic Review XIX, no. 1 (1929): 1-8.