Articles
Econlib articles masthead logo
FEATURED ARTICLES

Robert P. Murphy

Monetary Calculation as a Scorecard

Robert P. Murphy
July 4, 2016

The late Austrian economist Ludwig von Mises claimed that monetary calculation is necessary, not just for a thriving economy but also for civilization itself. Was Mises' claim too extreme? No, says economist Robert P. Murphy. In this month's Econlib Feature Article, Murphy shows that Mises was right. We simply can't judge whether resources are being used in most efficiently if we lack data on what those resources are trading for in the market. This is true whether we're talking about the economy as a whole, about a division of a for-profit company, or about charitable organizations trying to do good works. Monetary calculation based on prices determined in a free market are fundamentally necessary.
MORE ARTICLES BY ROBERT P. MURPHY

Arnold Kling

The Insiders versus the Outsiders

Arnold Kling
July 4, 2016
Is democracy pushing us to nihilism? In an overview of the democratization of information and the shift in the balance of power between insiders and outsiders, who's winning and who's losing? Arnold Kling looks at Martin Gurri's "The Revolt of the People," itself an example from the outsiders' world.
MORE ARTICLES BY ARNOLD KLING

FEATURED COLUMNS

THINKING STRAIGHT

Anthony de Jasay

Profit Maximization: A Much Abused Economy

Anthony de Jasay
July 4, 2016
What precisely is the subject matter that students of business learn? In recent years, graduate students have taken an oath outlining what the businessman is to do to be at his best. Anthony de Jasay finds this oath empty, and "under a cloud of suspicion, jargon, wind, and wool...".
MORE ARTICLES BY ANTHONY DE JASAY

AN ECONOMIST LOOKS AT EUROPE

Pedro Schwartz

The Rebirth of Classical Political Economy

Pedro Schwartz
July 4, 2016
Pedro Schwartz continues his study of the erosion of classical liberalism and political economy.
MORE ARTICLES BY PEDRO SCHWARTZ