10 best cities in the world to visit for Mises realized that the market does not measure value directly, but only indirectly using prices. Without markets and prices, the central plan could not allocate resources efficiently because it could not calculate the values of goods and services directly. Socialism had an enormous influence in the 1920s and 1930s, not only by raising questions about central-planning, but also by converting many of its socialist readers into advocates of free-market capitalism. Commenting on its importance to members of his generation, Hayek stated, To none of us young men who read the book when it appeared was the world ever the same again.
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10 Best Cities In The World To Visit
Mises left Vienna in 1934 to avoid the increasing threat to Austria from the Nazi regime in GERMANY. He worked first at the University of Geneva and then fled to the UNITED STATES, where he became a professor at New York University, a position he held until he retired at the age of 87. In 1949, he published his third great work, Human Action, a major economic treatise in which he based the study of economics on the choices of individuals as they seek to achieve their most valued goals.
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