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Hayek Too Lenient on Socialist Calculation
Author(s) -
MELNYK ANDREW
Publication year - 1982
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/j.1468-0270.1982.tb01445.x
Subject(s) - von mises yield criterion , collectivism , work (physics) , epistemology , positive economics , neoclassical economics , sociology , management , mathematical economics , philosophy , economics , political science , individualism , engineering , law , mechanical engineering , structural engineering , finite element method
Professor Hayek( JEA 2.3) allowed that collectivist planning, although practically impossible, could conceivable work in theory . Andrew Melnyk shows that Ludwig von Mises had demonstrated in 1949 that it is just as impossible in theory as in practice.