Unit 1: Economic Calculation
In the first unit, we discuss the economic calculation problem as first described by Mises. We discover that the real problem with socialism is that there is no economic calculation without a market for capital goods. We then discuss why capital markets play an important role in allocating resources in an economy, and the different ways socialists have attempted to get around this problem are explored. Finally, we examine the failure of modern academia to understand the economic calculation problem.
Completing this unit should take you approximately 2 hours.