From Marx to Mises

This contribution to economic philosophy considers Marx's pronouncements on the organization of future society, and in this context re-examines the long-lasting debate triggered by Mises's argument that modern industrial production requires a system of spontaneously-formed market prices.

In 1920, Ludwig von Mises proclaimed that all attempts to establish socialism would come to grief, for reasons of informational efficiency. At first, socialists and economists took Mises''s argument seriously, but by the end of the Second World War, a consensus prevailed that Mises had been discredited. More recently, that consensus has been rapidly reversed: it is now widely agreed that ''Mises was right''. Yet the momentous implications of the Mises argument -- for economics, politics, culture, and philosophy -- remain largely unexplored. From Marx to Mises is a clear, penetrating exposition of the economic calculation debate, and a scrutiny of some of the broader issues it raises.

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