David Prychitko, Markets, Planning and Democracy: Essays after the collapse of communism. Cheltenham, UK: Edward Elgar, 2002, Bibliography and index. pp 190.

David Prychitko, Markets, Planning and Democracy: Essays after the collapse of communism.... Rev Austrian Econ (2007) 20:209–211 DOI 10.1007/s11138-007-0012-6 BOOK REVIEW David Prychitko, Markets, Planning and Democracy: Essays after the collapse of communism. Cheltenham, UK: Edward Elgar, 2002, Bibliography and index. pp 190. Gus diZerega Published online: 7 April 2007 Springer Science + Business Media, LLC 2007 David Prychitko’s Markets, Planning and Democracy marks a significant step forward in developing Austrian theory. Based on Mises’ argument that only markets enable economic calculation to encompass the complexity of modern society and Hayek’s insight that the “knowledge problem” is the central issue in understanding societies, the Austrian approach raises different questions than neoclassical theory. Prychitko’s work elaborates some implications of this difference and, along the way, offers strong criticisms of neoclassical approaches to similar issues. The volume collects essays published over a 12-year period, many slightly modified for this volume. Given that some deal with policy challenges important in a time now past, such as Yugoslavia’s struggle with immediate postcommunist realities, they might seem dated. I disagree. The test of good analysis is how well it comprehends the complexities of actual political and economic events, and the passage of time offers a decisive check. Prychitko passes with flying colors. The book is divided http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

David Prychitko, Markets, Planning and Democracy: Essays after the collapse of communism. Cheltenham, UK: Edward Elgar, 2002, Bibliography and index. pp 190.

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Publisher
Kluwer Academic Publishers-Plenum Publishers
Copyright
Copyright © 2007 by Springer Science+Business Media, LLC
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1007/s11138-007-0012-6
Publisher site
See Article on Publisher Site

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