Austrian School of Economics: Revisionist History and Contemporary Theory

8. The Debate on the Socialist Calculation Debate

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The debate still continues. It is all about Mises’ initial article and then book on Socialism in 1922. He demonstrated the necessity of the price system and showed how subjective values were transformed into objective prices which could be used as meaningful cardinal numbers in economic calculation. 
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Austrian School of Economics: Revisionist History and Contemporary TheoryBy Joseph T. Salerno
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