Socialism, Economic Calculation and Entrepreneurship

Socialism, Economic Calculation and Entrepreneurship

New Thinking in Political Economy series

Jesús Huerta de Soto

This highly topical book presents a new theory on the characteristics of entrepreneurial knowledge. It explores the recent shift among professional economists and scholars in their evaluation of the debate of socialism. Socialism, Economic Calculation and Entrepreneurship presents an application of Israel M. Kirzner’s theory of entrepreneurship to the theory of the impossibility of socialism. It discusses the influence of the fall of socialism, with particular reference to the evolution of economic thought.

Preface to the third edition

Jesús Huerta de Soto

Subjects: economics and finance, austrian economics, history of economic thought, political economy, politics and public policy, political economy

Extract

It gives me great pleasure to present this third edition of my book, Socialismo, cálculo económico y función empresarial, to Spanish-speaking readers and students. Four years ago, I made several observations in the preface to the second edition, and today these continue to apply and thus should be taken into account. Also, in the interim between editions, two important milestones have passed. First, the English version of the book, entitled Socialism, Economic Calculation and Entrepreneurship, has been completed, and soon it will be published in England and the United States. Second, an ever-increasing number of researchers, students and professors, in both Spain and the rest of the world, have begun to show an interest in delving into the dynamic conception of competition and market processes, and in applying it to the theory of the impossibility of socialism and economic interventionism. This growing interest has necessitated the establishment of a scientific journal which, under the title, Market Processes: European Journal of Political Economy,* draws together and provides a medium for the publication of research, especially that of the new generations of scholars who form part of what is today viewed on an international scale as the booming and highly productive Austrian school of economics. These scholars are developing a paradigm capable of replacing the one which has prevailed thus far, and which has already entered into a phase of severe crisis, decline and disintegration. I must acknowledge the great enthusiasm and university spirit shown, year after year, by...