NOTES AND REPLIES Statistical Malfeasance and Interpreting Economic Phenomena Richard Vedder accept It took seven decades, but most people now what Ludwig yon Mises explained three quarters of a century ago, namel)~ that centrally directed socialistic economies cannot succeed in coordinating vast numbers of interrelated decisions, in large part because of the information problem arising from non-market forms of resource allocation (Mises 1920). No amount of input-out- put models generated on vast computers can overcome the problems of directing resources under changing conditions of wants and scar- cir. The information problem that plagued socialist states, like the old Soviet Union, persists in another form today in so-called "mixed" economies like the United States. While the price data generated by markets, as consumers and producers interact in a productive, if seemingly chaotic, discovery process, allow decen- tralized economic agents to make complex and ever-changing economic decisions without any central direction; governments try to generate data which aggregate economic activity over entire econo- mies to assist the softer forms of economic planning that persists in most of the industrialized democracies--fiscal and monetary policy; Richard Vedder is professor of economics at Ohio University. Thgs paper was presented at the 1997 Austrian Scholars
The Review of Austrian Economics – Springer Journals
Published: Nov 27, 2006
It’s your single place to instantly
discover and read the research
that matters to you.
Enjoy affordable access to
over 18 million articles from more than
15,000 peer-reviewed journals.
All for just $49/month
Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly
Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place.
Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals.
Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.
All the latest content is available, no embargo periods.
“Hi guys, I cannot tell you how much I love this resource. Incredible. I really believe you've hit the nail on the head with this site in regards to solving the research-purchase issue.”Daniel C.
“Whoa! It’s like Spotify but for academic articles.”@Phil_Robichaud
“I must say, @deepdyve is a fabulous solution to the independent researcher's problem of #access to #information.”@deepthiw
“My last article couldn't be possible without the platform @deepdyve that makes journal papers cheaper.”@JoseServera