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

  • Ennio E. Piano
  • Peter J. Boettke
Chapter

Abstract

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.

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Copyright information

© Springer International Publishing AG, part of Springer Nature 2018

Authors and Affiliations

  1. 1.George Mason UniversityFairfaxUSA

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