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 The Review of Austrian Economics Springer Journals

Statistical malfeasance and interpreting economic phenomena

Loading next page...
Kluwer Academic Publishers
Copyright © 1997 by The Ludwig von Mises Institute
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
Publisher site
See Article on Publisher Site


You’re reading a free preview. Subscribe to read the entire article.

DeepDyve is your
personal research library

It’s your single place to instantly
discover and read the research
that matters to you.

Enjoy affordable access to
over 12 million articles from more than
10,000 peer-reviewed journals.

All for just $49/month

Explore the DeepDyve Library

Unlimited reading

Read as many articles as you need. Full articles with original layout, charts and figures. Read online, from anywhere.

Stay up to date

Keep up with your field with Personalized Recommendations and Follow Journals to get automatic updates.

Organize your research

It’s easy to organize your research with our built-in tools.

Your journals are on DeepDyve

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.

See the journals in your area

Monthly Plan

  • Read unlimited articles
  • Personalized recommendations
  • No expiration
  • Print 20 pages per month
  • 20% off on PDF purchases
  • Organize your research
  • Get updates on your journals and topic searches


Start Free Trial

14-day Free Trial

Best Deal — 39% off

Annual Plan

  • All the features of the Professional Plan, but for 39% off!
  • Billed annually
  • No expiration
  • For the normal price of 10 articles elsewhere, you get one full year of unlimited access to articles.



billed annually
Start Free Trial

14-day Free Trial