Abstract

NIETO-FERNANDEZ, Maxi. Is economic calculation impossible in socialism? Criticism of the new Austrian reading. Rev.econ.inst. [online]. 2020, vol.22, n.42, pp.127-151. ISSN 0124-5996.  https://doi.org/10.18601/01245996.v22n42.06.

This article assesses the theoretical and methodological consistency of the new Austrian argument against the possibility of economic calculation in socialism as developed by a new generation of Austrian authors. First, it describes the evolution of the Austrian critique of socialism. Then, it presents the foundations of the new Austrian argument, taking as reference Huerta de Soto's book Socialismo, cálculo económico y función empresarial. From his examples and explanations, as well as from other Austrian authors, it shows this argument against calculation in socialism is based on circular reasoning or problems already solved by the new information and communication technologies.

JEL: B53, P21

Keywords : economic calculation; markets; planning; socialism.

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