Economic Calculation in the Socialist Commonwealth
Economic Calculation in the Socialist Commonwealth is an article by Austrian School economist Ludwig von Mises. Its critique against economic calculation in a planned economy triggered the decades-long economic calculation debate.
Cover of the English 1990 edition of "Economic Calculation in the Socialist Commonwealth"
Austrian school of economics
The Austrian School is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals and their self interest. Austrian school theorists hold that economic theory should be exclusively derived from basic principles of human action.
Carl Menger
Campus of Mises Institute, in Auburn, Alabama
Ludwig von Mises
Friedrich Hayek