Bibliographic record
Abstract
This paper is an attempt to synthesize the classical Misesian argument for the impossibility of economic calculation in socialism with the Mises-Hayek credit cycle theory. The key concepts of the ABCT such as “interest rate” and “natural interest rate” have been traditionally defined for a barter economy, which made it very difficult to integrate them with the monetary theory of economic calculation. The focal point of the synthesis proposed here is Mises’s regression theorem in which he showed that money can be understood only as a commodity that has to be independently demanded for industrial and consumption purposes prior to establishing itself as a medium of exchange. It is shown that abandoning of the pure gold standard is just a special and limited case of the general problem Mises originally explored in the context of the debate on socialism – abolishing of the private property rights that leads to “incalculability” in the economic system. The main finding of the paper is that maturity mismatching and fractional reserve banking in a similar way bring about the inconsistent time structure of private property rights in money, and distort the economic calculation that way. Hence, the necessary condition for both the rational economic calculation and the avoidance of business cycle is the presence of a 100% reserve commodity money that is privately owned, the full-banking reserve as well as the private property in the means of production and the absence of maturity mismatching.
Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.
How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.008 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.001 | 0.004 |
| Scholarly communication | 0.002 | 0.005 |
| Open science | 0.001 | 0.002 |
| Research integrity | 0.001 | 0.002 |
| Insufficient payload (model declined to judge) | 0.003 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".