Ludwig von Mises in the context of "Criticism of socialism"

Praxis is the process by which a theory, lesson, or skill is enacted, embodied, realized, applied, or put into practice. "Praxis" may also refer to the act of engaging, applying, exercising, realizing, or practising ideas. This has been a recurrent topic in the field of philosophy, discussed in the writings of Plato, Aristotle, St. Augustine, Francis Bacon, Immanuel Kant, Søren Kierkegaard, Ludwig von Mises, Karl Marx, Antonio Gramsci, Martin Heidegger, Hannah Arendt, Jean-Paul Sartre, Paulo Freire, Murray Rothbard, and many others. It has meaning in the political, educational, spiritual and medical realms.

The University of Vienna (German: Universität Wien, Austrian German: [univɛrsiˈtɛːt ˈviːn]) is a public research university in Vienna, Austria. Founded by Duke Rudolph IV in 1365, it is the oldest university in the German-speaking world and among the largest institutions of higher learning in Europe.

The University of Vienna is associated with 17 Nobel Prize laureates and has been home to numerous scholars of historical and academic significance, including Erwin Schrödinger, Karl Popper, Stefan Zweig, Friedrich Hayek, Gustav Mahler, Sigmund Freud, Gregor Mendel, Ludwig von Mises, among others.

Criticism of socialism is any critique of socialist economics and socialist models of organization and their feasibility, as well as the political and social implications of adopting such a system. Some critiques are not necessarily directed toward socialism as a system but rather toward the socialist movement, parties, or existing states. Some critics consider socialism to be a purely theoretical concept that should be criticized on theoretical grounds, such as in the economic calculation problem and the socialist calculation debate, while others hold that certain historical examples exist and that they can be criticized on practical grounds. Because there are many types of socialism, most critiques are focused on a specific type of socialism, that of the command economy and the experience of Soviet-type economies that may not apply to all forms of socialism. Different models of socialism conflict with each other over questions of property ownership, economic coordination and how socialism is to be achieved. Critics of specific models of socialism might be advocates of a different type of socialism.

According to the Austrian School economist Ludwig von Mises, an economic system (specifically centralized economic planning) that does not use money, financial calculation, and market pricing would be unable to effectively value capital goods and coordinate production, and therefore in his view socialism is impossible because it lacks the necessary information to perform economic calculation in the first place. Another central argument leveled against socialist systems based on economic planning is based on the use of dispersed knowledge. Socialism is unfeasible in this view because information cannot be aggregated by a central body and effectively used to formulate a plan for an entire economy, because doing so would result in distorted or absent price signals; this is known as the economic calculation problem. Other economists criticize models of socialism based on neoclassical economics for their reliance on the faulty and unrealistic assumptions of economic equilibrium and Pareto efficiency.

The commercial state concept (and its important variant, commercial society) is sometimes associated with Adam Ferguson's concept of civil society and refers to a government or political state devoted primarily to the promotion and advancement of commercial interests. Ferguson, Adam Smith and other representatives of the Scottish Enlightenment (and who referred to themselves as the literati) were more likely to use the term commercial society. The underlying idea of the commercial state can also be linked to the American School of Economics (and in particular to the legacy of the political and economic approach of Alexander Hamilton). In its modern manifestation, national, state and local governments which pursue business and commercial development and other forms of economic and industrial development through tax policies and forms of positive incentives and inducements may properly be termed commercial states. Practical commercial state activities include governmental economic development efforts including encouraging plant relocations, tax rebates, zoning easements and assorted other incentives and concessions.

Several lines of thought and action (e.g. Mercantilism) run from ancient Greek and Roman philosophy through Ferguson and Adam Smith. They can be traced through the Federalist party of Alexander Hamilton and more recently Austrian economists such as Ludwig von Mises, Frederick Hayek. An essentially commercial view of the state has continued down to modern theorists including Milton Friedman and Murray Rothbard, who argue not only for a limited role for government, but also that that residual role is heavily commercial. The modern U.S. Republican Party and Democratic Party in the U.S. both include significant factions of commercial state adherents, although commercial state rhetoric is usually much more evident in the former. (See, for example, discussions of Reaganomics in Ronald Reagan and the U.S. Republican Party.)

In philosophy, praxeology or praxiology (/ˌpræksiˈɒlədʒi/; from Ancient Greek πρᾶξις (praxis) 'deed, action' and -λογία (-logia) 'study of') is the theory of human action, based on the notion that humans engage in purposeful behavior, contrary to reflexive behavior and other unintentional behavior.

French social philosopher Alfred Espinas gave the term its modern meaning, and praxeology was developed independently by two principal groups: the Austrian school, led by Ludwig von Mises, and the Polish school, led by Tadeusz Kotarbiński.

Richard Martin Edler von Mises (German: [fɔn ˈmiːzəs]; 19 April 1883 – 14 July 1953) was an Austrian scientist and mathematician who worked on solid mechanics, fluid mechanics, aerodynamics, aeronautics, statistics and probability theory. He held the position of Gordon McKay Professor of Aerodynamics and Applied Mathematics at Harvard University. He described his work in his own words shortly before his death as:

Although best known for his mathematical work, von Mises also contributed to the philosophy of science as a neo-positivist and empiricist, following the line of Ernst Mach. Historians of the Vienna Circle of logical empiricism recognize a "first phase" from 1907 through 1914 with Philipp Frank, Hans Hahn, and Otto Neurath. His older brother, Ludwig von Mises, held an opposite point of view with respect to positivism and epistemology. His brother developed praxeology, an a priori view.

Radicals for Capitalism: A Freewheeling History of the Modern American Libertarian Movement is a 2007 book about the history of 20th-century American libertarianism by journalist and Reason senior editor Brian Doherty. He traces the evolution of the movement, as well as the life stories of Ayn Rand, Milton Friedman, Ludwig von Mises, F. A. Hayek, and Murray Rothbard, and details how they intertwined.

Doherty does not proceed strictly in chronological order, preferring instead to break up the action into short stories on central themes.

Friedrich von Wieser (German: [fɔn ˈviːzɐ]; 10 July 1851 – 22 July 1926) was an early (so-called "first generation") economist of the Austrian School of economics. Born in Vienna, the son of Privy Councillor Leopold von Wieser, a high official in the war ministry, he first trained in sociology and law. In 1872, the year he took his degree, he encountered Austrian-school founder Carl Menger's Grundsätze and switched his interest to economic theory. Wieser held posts at the universities of Vienna and Prague until succeeding Menger in Vienna in 1903, where along with his brother-in-law Eugen von Böhm-Bawerk he shaped the next generation of Austrian economists including Ludwig von Mises, Friedrich Hayek and Joseph Schumpeter in the late 1890s and early 20th century. He was the Austrian Minister of Commerce from August 30, 1917, to November 11, 1918.

Wieser is renowned for two main works, Natural Value, which carefully details the alternative-cost doctrine and the theory of imputation; and his Social Economics (1914), an ambitious attempt to apply it to the real world. His explanation of marginal utility theory was decisive, at least terminologically. It was his term Grenznutzen (building on von Thünen's Grenzkosten) that developed into the standard term "marginal utility", not William Stanley Jevons's "final degree of utility" or Menger's "value". His use of the modifier "natural" indicates that he regarded value as a "natural category" that would pertain to any society, no matter what institutions of property had been established.

The economic calculation problem (ECP) is a criticism of using central economic planning (rather than market-based mechanisms) for the allocation of the factors of production. It was first proposed by Ludwig von Mises in his 1920 article "Economic Calculation in the Socialist Commonwealth" and later expanded upon by Friedrich Hayek.

In his first article, Mises described the nature of the price system under capitalism and described how individual subjective values (while criticizing other theories of value) are translated into the objective information necessary for rational allocation of resources in society. He argued that central planning necessarily leads to an irrational and inefficient allocation of resources. In market exchanges, prices reflect the supply and demand of resources, labor and products. In the article, Mises focused his criticism on the deficiencies of the socialisation of capital goods, but he later went on to elaborate on various different forms of socialism in his book Socialism. He briefly mentioned the problem in the 3rd book of Human Action: a Treatise on Economics, where he also elaborated on the different types of socialism, namely the "Hindenburg" and "Lenin" models, which he viewed as fundamentally flawed despite their ideological differences.