Browsing All posts tagged under »Economic Calculation«

Computational Irreducibility in Economics – An Economist’s Review of A New Kind of Science

July 28, 2012

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Beginning in the mid-20th century, economists have published articles, books and original research whose content consisted increasingly of systems of equations acting as economic models, and decreasingly of economic reasoning and theory. This was based on the belief that the¬†epistemology¬†of science relied on mathematics as providing verifiable theories, such as those that were prevalent in […]

Economic calculation revisited – the case of monopoly, socialism and the Road to Serfdom

April 10, 2011

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The economic calculation problem of socialism is similar to the problem of economic calculation under monopoly. However, the absence of private ownership under socialism adds an additional layer of chaos to socialism, which is exacerbated under democratic political competition. This is what makes monarchy preferable to democracy, yet inferior to a free market of security. […]