Calculation and Coordination: Essays on Socialism and by Peter J Boettke

By Peter J Boettke

This number of essays from one of many significant Austrian economists operating on this planet this present day brings jointly in a single position a few of his key writings on a number of financial matters.

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Conclusion William Rappard, reflecting on the numerous conversations that he had with Mises during their time as colleagues at the Graduate Institute of International Studies in Geneva, stated that something puzzled him in those “always very enlightening” conversations. The two fundamental opinions on which Mises never wavered appear to be in contradiction. Mises insisted on the purely scientific character of economics, and Mises insisted on complete and uncompromising laissez-faire (Rappard 1957).

Economic calculation Put simply, economic calculation refers to the decision-making ability to allocate scarce capital resources among competing uses. “Economic calculation,” Mises wrote, “is either an estimate of the expected outcome of future action or the establishment of the outcome of past action. But the latter does not serve merely historical and didactic aims. Its practical meaning is to show how much one is free to consume without impairing the future capacity to produce” (1949, pp. 210–11).

Starr Center for Applied Economics, New York University, RR #94–19 (May): 320–7. E. ) On Freedom and Free Enterprise: Essays in Honor of Ludwig von Mises, Irvington-on-Hudson, NY: Foundation for Economic Education, pp. 17–33. J. Caldwell and S. ) (1992) Austrian Economics: Tensions and New Directions, Boston: Kluwer Academic Publishers, pp. 245–55. Robbins, L. (1933) An Essay on the Nature and Significance of Economic Science, London: Macmillan. , Jr. ) (1985) The Gold Standard: An Austrian Perspective, Lexington, KY: Lexington Books.

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