It was Lenin's genius to recognize the importance of [socialist] system with all the trappings of embellishing the democracy. If the people want a constitution. give them one. and even include the bill of rights. If they want a parliament, give them that too. And a system of courts. If they want a federal system create that myth as well. Above all, let them have e 1 ecti ons, for the act of voti ng is what the common man most clearly associates with democracy. Give them all these, but make sure that they have no effect on how things are run. - G. Warren Nutter Most research by Western scholars has emphasized macroeconomics (and to a considerable extent still does) as the method of analysis and growth rates as a standard for evaluating the performance of different economies. In the early 1960s Nutter raised questions about the reported growth rates in socialist states, the importance of growth policies for human welfare, and the abil ity of macroeconomi cs to enhance our understandi ng of soci a 1 and economic processes. In his work, Nutter used the standard price theory adjusted to incorporate the incentive effects of property rights in resources. He was casti gated for defyi ng the traditi ona 1 wi sdom. Not surprisingly, history has validated Nutter's theoretical framework and his conclusions.

Inhalt

One. Rights, Institutions, and Public Policy.- 1. Man and the State.- 2. The Market and The Metamarket.- 3. The Limits of Economic Policy.- Two. Socialism: Philosophical Issues.- 4. Is Socialism Inevitable? Historical Prophecy and the Possibilities of Reason.- 5. Socialism: Do The Ends Justify The Means?.- 6. Hayek on Liberty and the Rule of Law: The Road to Serfdom Revisited.- Three. Socialism: Economic Issues.- 7. Information, Motivation, and the Problem of Rational Economic Calculation in Socialism.- 8. Rational Expectations in Centrally Planned Economies.- 9. The Case of Central Planning in the USSR.- 10. The Case of Self-Management in Yugoslavia.- 11. Economic and Social Consequences of Socialist Policies in France.- 12. The Case of Codetermination in West Germany.- Index Of Names.