Friday, March 23, 2007

Time Will Run Back

- is an enjoyable and instructive 1966 novel by the critic, journalist, and writer on economics Henry Hazlitt, now available online after being long out of print (which was due perhaps to the limited appeal of a novel based around the long-running "economic calculation debate" between free-market Austrian economists and socialist supporters of central planning, in which the former attempted to demonstrate the untenability of socialism due to the impossibility of the rational allocation of resources to productive uses in a centrally planned economy where there were no prices deriving from the free exchange of goods..)

introduction, and link to pdf download of complete book : von Mises Institute

For detailed explanation of the economic calculation debate, listen to the lectures Calculation and Socialism, Calculation and Price Theory, and The Debate on the Socialist Calculation Debate at the Joseph Salerno audio archive

Also recommended: this audiobook version of Henry Hazlitt's earlier Economics in One Lesson, a best-selling (though a little dated) introduction to the subject: Amazon.com