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Economic Calculation in the Socialist Society

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Great book. Basically, Hoff just goes through the basic logic of why calculation is impossible in a truly socialist economy. He covers both non-monetary and monetary versions. Its an excersize in rational thought about market and non-market possible economies and he comes to the conclusion that it is basically impossible to have a non-market economy (with or without money) with any ability to plan, as prices will not be discovered and calculation will be impossible; he also concludes that any market economy will fall either into the previous category if totally socialized (and will cease to be market in any but the most illusive of ways) or it will be basically capitalist, not socialist as defined by the socialists of those days.

Originally written in the thirties, this book has probably not recieved the long-term acclaim that it should have. The conclusions are those that many did not fully recognize for another few decades. A valuable contribution to the socialist calculation debate, this is critical reading for the economics lover. Read all the Mises you want, but don't miss out on this fun, engrossing, captivating gem.