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, Ludwig von 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. Narrated by Gennady Stolyarov II. [ Ссылка ]

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Full text of "Economic Calculation In The Socialist Commonwealth" available online:

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Ludwig von Mises (1881-1973) was the acknowledged leader of the Austrian School of economic thought, a prodigious originator in economic theory, and a prolific author. Mises's writings and lectures encompassed economic theory, history, epistemology, government, and political philosophy. His contributions to economic theory include important clarifications on the quantity theory of money, the theory of the trade cycle, the integration of monetary theory with economic theory in general, and a demonstration that socialism must fail because it cannot solve the problem of economic calculation. Mises was the first scholar to recognize that economics is part of a larger science in human action, a science that Mises called "praxeology."

Links to more online writings by Ludwig von Mises:

Human Action: A Treatise on Economics
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Theory and History: An Interpretation of Social and Economic Evolution
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Omnipotent Government: The Rise of the Total State and Total War
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Bureaucracy
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The Theory of Money and Credit
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The Anti-Capitalistic Mentality
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Marxism Unmasked: From Delusion to Destruction
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A Hundred Years of Marxian Socialism
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Interventionism: An Economic Analysis
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Socialism: An Economic and Sociological Analysis
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Economic Policy: Thoughts for Today and Tomorrow
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Epistemological Problems of Economics
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Individualism and Civilization
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Capitalism, Happiness, and Beauty
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Historical Setting of the Austrian School of Economics
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Liberty and Property
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Middle-of-the-Road Policy Leads to Socialism
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The Free Market and Its Enemies
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Liberalism: In the Classical Tradition
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Planned Chaos
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Nation, State, and Economy
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The Ultimate Foundation of Economic Science
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Planning for Freedom
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The Propaganda War Against Capitalism
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How Liberty Defined Western Civilization
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Related online resources:

Ludwig von Mises: Scholar, Creator, Hero
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Ludwig von Mises: Defender of Capitalism
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Mises: The Last Knight of Liberalism
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My Years with Ludwig von Mises
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The Austrian School of Economics: A History of Its Ideas, Ambassadors, and Institutions
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Mises: An Annotated Bibliography
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Praxeology: The Methodology of Austrian Economics
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The Cultural Thought of Ludwig von Mises
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The Philosophical Origins of Austrian Economics
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Ludwig von Mises and the Austrian School of Economics
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Mises's Epistemology
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Economic Science and the Austrian Method
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The Austrian School's Critique of Marxism
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Text of this audio presentation Copyright © 1990 Mrs. Margit von Mises. Audio licensed under Creative Commons Attribution-NonCommercial-NoDerivs 4.0 International License. [ Ссылка ]

This YouTube channel is in no way endorsed by or affiliated with the Ludwig von Mises Institute.

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