Rev Austrian Econ (2006) 19: 101–104 DOI 10.1007/s11138-006-6097-5 Back to the bog? Subrick, self-interest, and socialist calculation Eric Crampton · Andrew Farrant C Springer Science + Business Media, Inc. 2006 We welcome the opportunity to clarify our argument (CF 2006) and to respond to Bob Subrick’s pointed queries regarding robust political economy. In particular we shall focus on Subrick’s claim (2006, p. 96) that the Austrian theory of how the worst get on top has not been refuted by the empirical record. We will address Subrick’s claim in the conclusion to this response. Firstly, however, we wish to clarify certain points in our argument (CF 2006), points which Subrick argues lead us to “overstate the implications of . . . [our] results” (Subrick 2006, p. 96). Subrick (pp. 97–8) challenges our simple perfectly-price discriminating monopo- list/monopolist planner analogy, suggesting that we simply assert diminishing marginal utility of income. Whether or not DMU occurs at one hundred thousand, one million, or one trillion dollars per year is largely immaterial to the intuitively plausible claim that in an economy where one agent (our monopoly planner) extracts all surplus, the said planner places a lower marginal valuation on a dollar than does
The Review of Austrian Economics – Springer Journals
Published: Jan 1, 2006
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