Economic calculation and the rediscovery of Mengerian themes

1994 ◽  
pp. 38-61
Keyword(s):  
Economic Calculation

Technical or political? The socialist economic calculation debate

2021 ◽  
Author(s):  
Tiago Camarinha Lopes
Keyword(s):  
Economic Theory ◽  
Historical Context ◽  
Austrian School ◽  
Economic Calculation ◽  
Standard Interpretation ◽  
Economic Interests ◽  
Mainstream Economics ◽  
Political Position ◽  
Socialist Economic ◽  
Technical Terms

Abstract The paper presents both the key arguments and the historical context of the socialist economic calculation debate. I argue that Oskar Lange presented the most developed strategy to deal with bourgeois economics, decisively helping to create the scientific consensus that rational economic calculation under socialism is possible. Lange’s arguments based on standard economic theory reveal that the most ardent defenders of capitalism cannot reject socialism on technical terms and that, as a consequence, the Austrian School was left with no choice but to diverge from mainstream economics in its search to develop a framework that could support its political position. This shows that Mises’ challenge from 1920 was solved and has been replaced by a political posture developed by Hayek and leading Austrians economists, who have been struggling since the 1980s to revise the standard interpretation of the socialist economic calculation debate. I argue that this revision should not be uncritically accepted and conclude that socialism cannot be scientifically rejected; it can only be politically rejected, by those whose economic interests it opposes.

Economic Calculation in the Socialist Society

1951 ◽  
Vol 10 (1) ◽  
pp. 74
Author(s):  
T. J. B. Hoff
Keyword(s):  
Socialist Society ◽  
Economic Calculation

Value and Plan. Economic Calculation and Organization in Eastern Europe

1962 ◽  
Vol 64 (2) ◽  
pp. 80
Author(s):  
Gunnar Adler-Karlsson ◽  
Gregory Grossman
Keyword(s):  
Eastern Europe ◽  
Economic Calculation

scholarly journals Vínculos entre la Escuela Austriaca de Economía y el método de la inversión en valor

2021 ◽  
pp. 255-304
Author(s):  
Diego E. Quijano Durán
Keyword(s):  
Common Sense ◽  
Jel Classification ◽  
Austrian School ◽  
Economic Calculation ◽  
Austrian School Of Economics ◽  
Value Investing ◽  
Palabras Clave ◽  
The World ◽  
The Common

The Austrian school of economics and the investment method known as value investing have a similar conception of the world, so that it is possible to find multiple links between them and form a coherent structure. To the economist, this allows for a much deeper understanding of the entrepreneurial function and the manner in which economic calculation is actually performed. To the investor, it offers a theoretical framework that explains economic phenomena, permitting him to better understand the role of the entrepreneur and to protect his investment when dangerous patterns can be observed. In this essay, we begin from the common stance of both schools of thought towards common sense, the use of realistic assumptions, the importance of prudence and the low value of complex mathematics in the fields of economics and finance. We then proceed to develop in greater depth nine aspects that have strong philosophical and scientific links. Key words: Value investing, Austrian school of economics, entrepreneurship, dynamic efficiency, economic calculation. JEL Classification: A12, G17, M20. Resumen: La Escuela Austriaca de Economía y el método de inversión en valor tienen una concepción similar del mundo que permite entrelazarlas coherentemente. Al economista, le permite profundizar el conocimiento del ejercicio de la función empresarial y la realización del cálculo económico en la práctica. Al inversor, le ofrece un marco teórico para comprender mejor el papel del empresario y los fenómenos económicos y detectar temprano patrones peligrosos y así protegerse. En este trabajo partimos de la base de que ambas escuelas de pensamiento tienen sus raíces en el sentido común y los supuestos realistas, que son prudentes a la hora de ver el futuro y que dudan de la utilidad de las matemáticas complejas en los campos económicos y financieros. Sobre ello, desarrollamos nueve aspectos en los cuales hay fuertes conexiones como, por ejemplo, la manera en que el ejercicio de la empresarialidad mejora la eficiencia del mercado y coordina los planes de las personas. Palabras clave: Inversión en valor, escuela austriaca de economía, empre-sarialidad, eficiencia dinámica, cálculo económico. Clasificación JEL: A12, G17, M20.

scholarly journals OPTIMALISASI KINERJA KOLOM FRAKSINASI DI PT X

2019 ◽  
Vol 3 (2) ◽  
Author(s):  
Suharto Suharto ◽  
Keyword(s):  
Objective Function ◽  
Economic Calculation ◽  
Process Variables ◽  
Bottom Temperature ◽  
Purity Level ◽  
Fractionation Column ◽  
Significant Process ◽  
Bottom Product ◽  
Gas Component ◽  
Potential Profit

Abstract Fractionation column in PT X is a unit of equipment that aims to separate the gas component wherein the composition is primarily a mixture of propylene and propane C3 to C4 mixture. Based on the calculation of the operating data obtained results C3 on product purity level of 98.92% upper and purity levels of C4 in the bottom product of 86.27%. From the correlation analysis of process variables on the dependent variable that is used as a parameter optimization are purity levels of C3 in the top products and product purity C4 at the bottom of the results showed that the most significant process variables influence is a bottom temperature and the amount of reflux flow. Of the two variables are then conducted regression analysis to optimize the parameters to obtain the objective function. Based on the results of the objective function obtained optimal condition is a bottom temperature of 108,04oC and reflux amount of 61.44 tons/hour. Then the results obtained purity levels of C3 in the upper part of the product is 99.99% and purity of C4 at the bottom of the product by 97.00%. Of the economic calculation under optimal conditions fractionation column will be obtained potential profit of Rp 44,346,666 /day. Keywords: Optimization, Performance, Fractionation

scholarly journals La théorie autrichienne de la bureaucratie de Mises: une perspective critique

2021 ◽  
pp. 95-137
Author(s):  
Laurent Carnis
Keyword(s):  
Jel Classification ◽  
Market Process ◽  
Political Systems ◽  
Economic Calculation ◽  
Role Of The State ◽  
Théorie Économique ◽  
Definition Of ◽  
Traditional Approaches ◽  
Premiere Partie

The bureaucratic organisations became key actors in our contemporary societies. To develop an appropriate theory to understand how these organisations work and their implications constitute true stakes. This article deals with Mises’ theory of bureaucracy, which differs radically from the traditional approaches. The first part presents the definition of the Misesian bureaucracy, which shares some common points with Wéber’s version and shows also true strong disagreements. The absence of economic calculation constitutes the main key idea to understand the Misesian theory. Mises shows also that bureaucracy reflects the governmental interventions, which can be combined with different types of political systems. The second part deals with the consequences of bureaucracy. This part proposes a detailed analysis of the economic, social, political and psychological effects. The third part raises some critical points for the theory. It seems that the conception of bureaucrat and its place inside the bureaucratic organisation is not sufficiently analysed. Moreover, the modelling of the bureaucratic expansion deserves a more refined research. Finally, the justifications given by Mises to justify a minimal bureaucracy emphasize the necessity to think the place and the role of the State. Keywords: Bureaucracy, economic calculation, market process, minimal government. JEL Classification: D73 H11 L38 P11 P21. Résumé: Compte tenu de place importante que prend désormais l’organisation étatique au sein des sociétés contemporaines, l’élaboration d’une théorie économique de la bureaucratie s’avère essentielle pour en comprendre à la fois les mécanismes de fonctionnement et les implications. Cet article revient sur la contribution de Mises, qui par ses travaux, permet d’offrir une réelle alternative aux approches traditionnelles.La première partie de cette contribution présente la théorie de Mises en soulignant ses spécificités par rapport à la conception défendue par Wéber, dont à la fois elle s’inspire et s’en écarte substantiellement. L’absence du calcul économique dans le processus d’allocation des ressources représente une dimension essentielle pour comprendre la théorie proposée. Mises démontre également que l’organisation bureaucratique s’accommode aisément des différents régimes politiques et reflète l’intervention généralisée de l’Etat. La deuxième partie concerne les conséquences de la bureaucratie. Mises distingue quatre effets: les effets économiques, sociaux, politiques et psychologiques. Chaque catégorie fait l’objet d’une présentation détaillée. La troisième partie soulève des points critiques du modèle de la bureaucratie de Mises. Ainsi, sa conception du bureaucrate et sa place au sein de l’organisation bureaucratique nous paraissent faire l’objet d’une élaboration insuffisante. Les mécanismes de l’expansion bureaucratique méritent également un raffinement de l’analyse, tandis que la justification avancée d’une bureaucratie minimale soulève la question de l’existence d’un Etat minimal. Mots clés: Bureaucratie, calcul économique, processus de marché, Etat minimal.

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