This article presents a new approach to the socialist calculation debate. I focus particularly on the question of how to integrate information of consumers' preferences and argue that the objections raised by Austrian economists against the socialist model proposed by Oskar Lange can be...

This paper describes a classroom exercise that introduces the Socialist Calculation Debate (SCD) to undergraduate economics students. The SCD concerns an issue that remains one of the most consequential of the 20th century - the belief in the superiority of socialism and central planning over...

During the socialist calculation debate, Ludwig von Mises and F. A. Hayekmade a positive argument regarding the impossibility of economic calculationunder socialism. In this study, I argue that the arguments made by Mises andHayek have normative implications for capitalism. I do so by drawing...

Austrian economist Ludwig Mises’s central role in the socialist calculation debates has been consensually acknowledged since the early 1920s. Yet, only recently, Nemeth, O’Neill, Uebel, and others have drawn particular attention to Mises’s pertinent encounter with one of the most colorful...

Vernon Smith (2008) argues that his experimental work is a demonstration of Friedrich Hayek's ‘ecological rationalism'. This assertion is difficult to square with Hayek's apparent dismissal of the possibility of demonstrating ‘ecological rationality' in a laboratory (documented in Smith...

We investigate the claims of behavioral paternalism in the more realistic framework of complex choice. In particular, we analyze the claims made by behavioral paternalists that predictive analytics over large amounts of data will make it possible to target and successfully implement purportedly...