ECO.Reference:3.1 - Calculation rests on economic relationships

Mises’s calculation argument concerns the basis on which heterogeneous productive means become comparable across exchanges. A computational solver supplied with objectives, prices and feasible operations leaves the formation of those inputs to another contribution. ECO.1 addresses that missing basis where it affects the choice.

A monetary comparison can remain useful without measuring everyone’s welfare. Keep the participant’s objective, alternative uses and unpriced effects recoverable. A missing market price does not make a purpose-based or physical comparison impossible. Existing MA and FIN methods remain the owners of their accounting and financial calculations.

Hayek’s knowledge argument explains why a price can support a local adjustment without a complete account of what caused it. ECO.2 uses that economy of knowledge. ECO.3 develops a new combination when the existing alternatives do not serve the participants’ plans.