Austrian Economics Is More than Free-Market Economics

Many claim that Austrian economics consists of little else but singing the praises of traditional, hierarchical, profit-maximizing business. This ignores the most valuable Austrian contribution to organization theory: Mises’s writing on economic calculation. Mises not only provided the definitive critique of central planning; his work is also vital for showing whether any form of production — from market anarchy to totalitarian socialism — will work in practice. These forms include coops, social enterprises, and many others.