1. LABOUR-TIME ACCOUNTING OR CALCULATION IN KIND?
In 1920 Ludwig von Mises published an article "Die Wirtschaftsrechnung im sozialistischen Gemeinwesen", which was translated into English in 1935 as "Economic Calculation in the Socialist Commonwealth" and published in Collectivist Economic Planning: Critical Studies on the Possibilities of Socialism edited by Fron Hayek. His basic argument was that socialism would be impossible because, without money and prices fixed by the market, society would not be able to do economic calculations rationally. Or, as he put it, "where there is no free market there is no pricing mechanism; without a pricing mechanism, there is no economic calculation".
