Socialism: An Economic and Sociological Analysis

Lange directly challenges Mises’ calculation problem, arguing that a central planner could simulate market prices through trial and error. He suggests that modern computing could help socialists allocate resources efficiently.

Stiglitz critiques Mises from a modern information economics perspective. Argues that real-world capitalism also suffers from knowledge and incentive problems, not just socialism.

Even with good intentions, socialism faces insurmountable challenges in resource allocation due to the lack of market prices and decentralized knowledge.

The evolution of private property rights under the rule of law forms the underlying basis encompassing the discussion throughout his book. Absent the rule of law, the allocation of resources will be dominated by competition for privileges by acquiring political status, rather than competition for…

In viewing the human person in this manner, Mises established his methodology as individualist—that is, he ranked the work of understanding individual behavior as central to good social science, without negating external factors in forming an understanding.

Socialism appeared at a time when socialism seemed to hold the answers and solutions for rebuilding a civilization that had just destroyed itself in the Great War. While many, if not most, people (especially intellectuals) associated the war’s outbreak and subsequent horrors with the broadly…