The Socialist Calculation debate was one of the defining moments of 20th-century economics, opening fundamental questions about the market economy and the possibility of a non-market economy. Was a socialist economy really feasible? Advocates like Lange and Taylor clearly thought so, but their critics led by Mises and Hayek were implacable in their opposition. During the '30s and '40s the Socialists clearly appeared to have won the day: 50 years later, with the collapse of communism, a different consensus emerged. This set contains material which should provide an understanding of the debate...

This collection of essays from one of the major Austrian economists working in the world today brings together in one place some of his key writings on a variety of economic issues.

Hardbound. Research in Labor Economics focuses on various aspects of labor markets and how these markets affect our well-being. As such, this volume contains eleven chapters: three on labor supply, directly dealing with various aspects of the participation decision; two on human capital, the accumulation of worker skills; three directly on employee earnings; and three on the distribution of earnings throughout society.

Examines a controversial area of economic analysis: the appropriate role of government within the economic system. This book offers a comprehensive and integrated history of the evolution of the relationship between governments and economies, examining the British classical tradition, the American progressive movement, and corporatist ideology.

The Austrian School of Economics is an intellectual tradition in economics and political economy dating back to Carl Menger in the late-19th century. Menger stressed the subjective nature of value in the individual decision calculus. Individual choices are indeed made on the margin, but the evaluations of rank ordering of ends sought in the act of choice are subjective to individual chooser. For Menger, the economic calculus was about scarce means being deployed to pursue an individual's highest valued ends. The act of choice is guided by subjective assessments of the individual, and is open...