Economic calculation problem

The economic calculation problem is a criticism of using economic planning as a substitute for market-based allocation of the factors of production. It was first proposed by Ludwig von Mises in his 1920 article "Economic Calculation in the Socialist Commonwealth" and later expanded upon by Friedrich Hayek. Notable critics of both Mises's original argument and Hayek's newer proposition include Anarcho-Capitalist economist Bryan Caplan, computer programmer and Marxist Paul Cockshott, as well as other communists.

Economic calculation problem

The economic calculation problem is a criticism of using economic planning as a substitute for market-based allocation of the factors of production. It was first proposed by Ludwig von Mises in his 1920 article "Economic Calculation in the Socialist Commonwealth" and later expanded upon by Friedrich Hayek. Notable critics of both Mises's original argument and Hayek's newer proposition include Anarcho-Capitalist economist Bryan Caplan, computer programmer and Marxist Paul Cockshott, as well as other communists.