Statistical malfeasance and interpreting economic phenomena

Statistical malfeasance and interpreting economic phenomena 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 http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

Statistical malfeasance and interpreting economic phenomena

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Publisher
Kluwer Academic Publishers
Copyright
Copyright © 1997 by The Ludwig von Mises Institute
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1007/BF02538485
Publisher site
See Article on Publisher Site

Abstract

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

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Nov 27, 2006

References

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