The reduction in space allocated to Marxist economics has been accompanied by less discussion about the Austrian economists Ludwig von Mises and Friedrich Hayek, who warned earlier that socialist central planning could not work and could not calculate prices and costs accurately. Samuelson and Nordhaus mention the role of Mises and Hayek in the socialist calculation debate from editions nine through 12 (9:640; 12:693), but have dropped them from the most recent editions.
Sunday, December 26, 2010
Hayek in Economics Textbooks, 26th Dec., 2010.
Mark Skousen discusses F. A. Hayek's influence in American textbooks in his article "The Perseverance of Paul Samuelson's Economics."
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