Calculation and Knowledge

Pages 17–32 in the text.

Pages 33–54 in the text.

Pages 117–150 in the text.

Pages 199–222 in the text.

Pages 55–82 in the text.

Pages 151–172 in the text.

Pages 223–254 in the text.

Hard-left "democratic socialists" think they figured out how to make government planning possible: use prices. But there's a problem in their argument: prices are impossible without markets.

Not only is capitalism not a system of the exploitation of labor, but the real system of the exploitation of labor is socialism.

The marginalist revolution posed a fundamental problem for economic theory. Mises’s approach not only solved the problem of economizing resources in a division of labor, but provides a robust framework for economic research.