Return to Socialist Calculation
This era was mainly one of taking stock and creating what would become the accepted narrative of the debates over the theoretical feasibility of socialism. While Mises and Hayek restated & developed their positions, culminating in Human Action & Individualism and Economic Order. Historians of the debate like Bergson & Schumpeter were already declaring them the losers.
Human Action — In his magnum opus Mises dedicates several chapters to explaining economic calculation and its impossibility under socialism. Published 1945
Individualism and Economic Order — Collection of Essays from the 1940s & 30s. This collection develops the differences in economic theory that were realised between Hayek & his opponents during the debate of the 1930s, emphasising the role of knowledge & learning in equilibrium absent in the socialist models. Includes articles, 'Use of Knowledge in Society' & 'Economics & Knowledge'. Reprinted are the essays on socialist calculation from Collectivist Economic Planning along with a third new part dealing with the socialist 'competitive solution'. Published 1949.
The Use of Knowledge in Society — Hayek's famous article on Knowledge can be seen as a response to the economists inability to see why their equilibrium constructs can not be used as a tool for economic planning. Published in The American Economic Review, 1949.