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...