In the 1920s, Ludwig von Mises argued correctly that the problem of making economics calculations without market-generated prices would be an insuperable difficulty for socialist systems of production. Bryan Caplan is right to argue that there is no theoretical way to infer the magnitude of this...

Competition -- Introduction -- The traditional competition model -- Breaches of atomistic competition -- A critical appraisal of the atomistic theory -- The entrepreneur and the dynamics of competition -- True and false breaches of competition -- How far competition? -- Free trade --...