INTERMEDIATE

Socialist Calculation Debate

The socialist calculation debate occurred during the 1920s and 1930s between free-market economists Ludwig von Mises and F.A. Hayek and economists Fred M. Taylor, Abba Lerner, and Oskar R. Lange who, among others, promoted market socialism. The market socialists argued that, given appropriate information,  economic planners might successfuly plan an economy. Mises and Hayek argued that prices set outside of the context of the market forces of supply and demand convey no information about the value of goods. Instead officials determine them arbitrarily in a socialist economy. The setting of prices without knowledge and without incentive provided by profits leads to either shortages or gluts of different goods and services.

Ivan Pongracic - Ludwig von Mises and the Socialist Calculation Debate

 

Steve Horwitz - The Socialist Calculation Debate

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Heavily-armed police and their supporters will tell you they need all those armored trucks and heavy guns. It's a dangerous job, not least because Americans have so many guns. But the numbers just don't support these claims: Policing is safer than ever--and it's safer than a lot of common jobs by comparison. Daniel Bier has the analysis. Plus, Iain Murray and Wendy McElroy look at how the Feds are recruiting more and more Americans to do their policework for them.
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