Von Mises and the economic calculation problem

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Von Mises and the economic calculation problem

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 afikomen Please ignore all my awful pre-2014 comments.10:29, 10 June 2013

That is about the level of Mises' critiques of anything insufficiently free market enough. However, there is partial merit to the economic calculation argument, though it is not as much of a knock-down objection as the Austrians like to think.

Nebuchadnezzar (talk)04:27, 12 June 2013