Economists
Ludwig von Mises
LOOD-vig fon MEE-zess
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Ludwig von Mises was an Austrian economist and a leading figure of the Austrian school in the twentieth century. In a 1920 essay, later expanded into the 1922 book Socialism, Mises argued that a centrally planned economy without private property in the means of production could not calculate rational prices, because prices depend on genuine markets in which owners bid for scarce resources, and a planning board with no such markets would have no way to know the relative value of alternative uses of resources. This argument, generally called the economic calculation problem, opened what became known as the socialist calculation debate, a sustained dispute with economists who argued that a planned economy could approximate market pricing through other means. Mises also trained a generation of Austrian economists in Vienna, including Friedrich A. Hayek, before leaving Europe in 1940 and continuing his academic career in the United States.
Facts
NationalityAustrian, later naturalized American 1 Cross-Tradition Connections
Associated With
Carl Menger, Economists Same vocabulary-gap note as the Mises-to-Hayek edge above: no live 'influenced' relation type, carried here via associated-with. Mises encountered Menger's Principles of Economics as a student and it shaped his thinking significantly, part of the same Austrian School lineage (Menger founded it, Mises and Hayek are its later generations, all three already tied to Austrian School on this atlas).
No live relation-type entity for 'influenced' exists anywhere in the family (vocabulary gap, reported in this file's own header rather than minted by an edges-kind lane); this directional fact is carried in this note against the generic associated-with type instead. Mises' 1922 book Socialism turned Hayek away from his early socialist sympathies toward classical liberalism, and Hayek then joined Mises' private Vienna seminar; Mises later hired Hayek as a specialist for the Austrian government.
Associated With School
Leading twentieth century Austrian economist; originated the economic calculation argument against central planning.
Influenced
Additional Source WikipediaFriedrich Hayek, "Education" section Influenced By
Additional Source WikipediaLudwig von Mises, "Early life" section Sources
1. Encyclopaedia Britannica
Encyclopaedia Britannica, Inc.
Economic Calculation in the Socialist Commonwealth
Ludwig von Mises, 1920
Wikipedia
Wikimedia FoundationAssociated With: Friedrich A. Hayek, Friedrich Hayek, Early life and career sectionQuote, Associated With: Friedrich A. Hayek, Friedrich Hayek, Early life and career section
Hayek's economic thinking shifted away from socialism and toward the classical liberalism of Carl Menger after reading von Mises' book Socialism.
Wikipedia
Wikimedia FoundationAssociated With: Carl Menger, Ludwig von Mises, Education sectionQuote, Associated With: Carl Menger, Ludwig von Mises, Education section
There, Mises first encountered the works of Carl Menger, whose book Principles of Economics came to influence him significantly.
Wikipedia
Wikimedia FoundationInfluenced: Friedrich A. Hayek, Friedrich Hayek, "Education" sectionQuote, Influenced: Friedrich A. Hayek, Friedrich Hayek, "Education" section
It was sometime after reading Socialism that Hayek began attending von Mises' private seminars, joining several of his university friends.
Wikipedia
Wikimedia FoundationInfluenced By: Carl Menger, Ludwig von Mises, "Early life" sectionQuote, Influenced By: Carl Menger, Ludwig von Mises, "Early life" section
There, Mises first encountered the works of Carl Menger, whose book Principles of Economics came to influence him significantly.
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