Von Mises and the economic calculation problem

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Revision as of 10 June 2013 at 10:29.
The [/w/index.php?title=User_talk:Nebuchadnezzar&offset=20130610102937&lqt_mustshow=14616 highlighted comment] was created in this revision.

Isn't his belief that classes use different sets of logic condescending and a bit stereotypical? There are many wealthy people who aren't spendthrifts, and those in poverty who don't handle their money properly.

    Osaka Sun (talk)21:14, 7 June 2013

    I think you're getting two things confused here. Von Mises accuses Marx of making the claim that different classes use different sets of logic, what he calls "polylogism." The economic calculation problem refers to the argument that prices can be viewed as information and that socialism fails because centrally planned economies lack the information to allocate resources efficiently due to a lack of a rational pricing mechanism.

      Nebuchadnezzar (talk)21:38, 7 June 2013

      I don't understand what any of those words meant, so I just mentally replaced them with "He thought Marx was a big poopy-face."

        Star of David.png Radioactive Misanthrope10:29, 10 June 2013
         
         
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