This paper documents and articulates Murray N. Rothbard’s contribution to our understanding of the theory and practice of socialism. We summarize his theoretical contributions and then turn to his explanation of the operation of socialism in the Soviet Union. Moreover, we make and support the...

What is the relationship between central planning, pervasive shortages, and soft budget constraints under socialism? In this paper, we address this question by exploring the evolution of János Kornai’s work on the operation of real-world socialism. In doing so, our goal is to reframe...