Economic Calculation Problem

  • Also known as the socialist calculation debate, it was first presented in 1920 by Ludwig Von Mises in his essay, Economic Calculation in the Socialist Commonwealth.
  • It refers to an important academic debate on the question of whether centrally planned economies can allocate scarce resources efficiently.
  • The economic calculation problem wrecks all economies without some form of market prices and private property.
  • The problem especially applies to socialism and communism and proves both are terrible economic ....
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