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On the (Im)Possibility of Socialist Calculation: Marschak Versus Mises

In: The First Socialization Debate (1918) and Early Efforts Towards Socialization

Author

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  • Harald Hagemann

    (Institute of Economics, University of Hohenheim)

Abstract

The article focuses on Marschak’s critical inspection of Mises’s thesis of impossibility of economic calculation in the socialist commonwealth in the first socialization debate in the German language area after WWI. Although Arrow classifies it as one of Marschak’s papers with the greatest permanent interest, it has almost fallen into oblivion in modern debates. Marschak’s important critique is of an empirical as well as of a theoretical nature. Thus Marschak states that the advantages of monopolization exist precisely in those two areas which are particularly affected by Mises’s scepticism: in the economic calculation for goods of higher order and in the sphere of dynamics.

Suggested Citation

  • Harald Hagemann, 2019. "On the (Im)Possibility of Socialist Calculation: Marschak Versus Mises," The European Heritage in Economics and the Social Sciences, in: Jürgen Backhaus & Günther Chaloupek & Hans A. Frambach (ed.), The First Socialization Debate (1918) and Early Efforts Towards Socialization, pages 223-235, Springer.
    • Handle: RePEc:spr:euhchp:978-3-030-15024-2_14
    DOI: 10.1007/978-3-030-15024-2_14
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