In 1959, Al Schmid joined the faculty at Michigan State, where he taught in the Department of Agricultural Economics until his retirement as a University Distinguished Professor in 2007. Over the course of his long career, Schmid authored eight books and more than a hundred journal articles,...

In the original history of the socialist calculation debate (e.g., Bergson, 1948 ), Oscar Lange proved that bureaucrats can find the equivalent of equilibrium prices through trial and error. In the revised history of this debate (e.g., Caldwell, 1997 ; Lavoie, 1985 ), Lange proposed an erroneous...