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...

The socialist calculation debate occurred simultaneously with the development of increasingly idealized neoclassical market models in the early decades of the 20th century. Nonetheless, free market neoclassical economists were conspicuously absent from that debate, leaving the pro-market case to...

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...

The Italian version of this paper can be found at 'http://ssrn.com/abstract=2456657' http://ssrn.com/abstract=2456657The work compares the relative strengths, in understanding the current crisis, of the Keynesian tradition with those of two non-Keynesian traditions: those which emphasize income...

Marx's justification of his theory of surplus value in the face of unequal compositions of capital, by interpreting total profits as a redistribution of surplus value, is not correct in general. However, it is shown here that the equality holds if the input matrices are random and the labour...

Rosa Luxembourg's 1900 pamphlet “Reform or revolution,” which critiqued reformist political strategy, has relevance to, and finds echoes in today's debates on the possibility and desirability of using law to protect society from the market's negative effects. It also summed up the...

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...

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...

This paper presents an overview of different models which explain financial crises, with the aim of understanding economic developments during and possibly after the Great Recession. In the first part approaches based on efficient markets and rational expectations hypotheses are analyzed, which...

Most mainstream neoclassical economists completely failed to anticipate the crisis which broke in 2007 and 2008. There is however a long tradition of economic analysis which emphasises how growth in a capitalist economy leads to an accumulation of tensions and results in periodic crises. This...