Economic Calculation in the Socialist Commonwealth

<div class="group-left col-xs-4 col-xs-4 col-xs-4" style="box-sizing: border-box; clear: left; color: #494e54; float: left; font-family: myriad-pro, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; min-height: 1px; padding-left: 10px; padding-right: 10px; position: relative; width: 237.765625px;"> <div class="image img-responsive border-secondary" style="border-top-color: rgb(56, 112, 158); border-top-style: solid; border-top-width: 8px; box-sizing: border-box; height: auto; margin-top: 5px; max-width: 100%;"> <img alt="Economic Calculation Socialist Commonwealth" height="165" src="https://mises.org/sites/default/files/styles/list_teaser/public/static-page/img/Economic%20Calculation%20Socialist%20Commonwealth_Mises_20140827_750x516.jpg?itok=r5ZcXcdX" style="border: 0px; box-sizing: border-box; display: block; height: auto; max-width: 100%; vertical-align: middle; width: 217.765625px;" title="Economic Calculation Socialist Commonwealth" typeof="foaf:Image" width="240" /></div> <div class="tags" style="box-sizing: border-box; color: #788086; font-size: 11px; padding-top: 5px;"> <span class="tag-label bold" style="box-sizing: border-box; font-weight: 600; padding-right: 5px; text-transform: uppercase;">TAGS</span>&nbsp;<span style="box-sizing: border-box;"><a href="https://mises.org/austrian-school/calculation-and-knowledge" style="box-sizing: border-box; color: #788086; text-decoration: none;">Calculation and Knowledge</a></span><span style="box-sizing: border-box;"><a href="https://mises.org/austrian-school/other-schools-thought" style="box-sizing: border-box; color: #788086; text-decoration: none;">Other Schools of Thought</a></span></div> </div> <div class="group-right col-xs-8 col-xs-8" style="box-sizing: border-box; color: #494e54; float: left; font-family: myriad-pro, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; min-height: 1px; padding-left: 10px; padding-right: 0px; position: relative; width: 475.546875px;"> <h2 class="teaser-title" style="box-sizing: border-box; color: #00426b; font-family: crimson_text, Georgia, 'Times New Roman', Times, serif; font-size: 23px; line-height: 1.1; margin-bottom: 12.5px; margin-top: 0px; vertical-align: top;"> <a href="https://mises.org/library/economic-calculation-socialist-commonwealth-1" style="box-sizing: border-box; color: #38709e; text-decoration: none;">Economic Calculation in the Socialist Commonwealth</a></h2> <div class="group-date-author" style="box-sizing: border-box;"> <span class="date" style="box-sizing: border-box; color: #00426b; font-weight: 600; text-transform: uppercase;">DECEMBER 30, 2014</span><span class="author" style="box-sizing: border-box;"><a href="https://mises.org/profile/ludwig-von-mises" rel="author" style="box-sizing: border-box; color: #00426b; text-decoration: none;">Ludwig von Mises</a></span><div style="box-sizing: border-box; margin-bottom: 12.5px;"> This is the essay that overthrew the socialist paradigm in economics, and provided the foundation for modern Austrian price theory.</div> <div style="box-sizing: border-box; margin-bottom: 12.5px;"> When it first appeared in 1920, Mises was alone in challenging the socialists to explain how their pricing system would actually work in practice. Mises proved that socialism could not work because it could not distinguish more or less valuable uses of social resources, and predicted the system would end in chaos. The result of his proof was the "socialist calculation" debate.</div> </div> </div> <div class="group-right col-xs-8 col-xs-8" style="box-sizing: border-box; color: #494e54; float: left; font-family: myriad-pro, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; min-height: 1px; padding-left: 10px; padding-right: 0px; position: relative; width: 475.546875px;"> <a href="http://mp3.anarchistphilosophies.com/EconomicCalculationintheSocialistCommonwealth.mp3" style="background-color: #38709e; background-image: none; border-bottom-left-radius: 5px; border-bottom-right-radius: 5px; border-color: rgb(56, 112, 158); border-top-left-radius: 5px; border-top-right-radius: 5px; box-sizing: border-box; color: white; cursor: pointer; display: inline-block; font-size: 13px; line-height: 1.25; margin-bottom: 0px; padding: 6px 10px; text-align: center; text-decoration: none; vertical-align: middle; white-space: nowrap;" title="Introduction Ludwig von Mises.mp3" type="audio/mpeg; length=6242284">Download audio file</a><br /><div class="read-more" style="box-sizing: border-box; cursor: pointer; font-size: 13px; text-transform: uppercase;"> <a href="https://mises.org/library/economic-calculation-socialist-commonwealth-1" style="box-sizing: border-box; color: #788086; font-size: 13px; text-decoration: none;">READ MORE</a></div> </div>