Micheal, Hayek and Mises saw important differences between businesses (large and small) and government or public agencies. Private agencies involve the calculation of monetary profit, public agencies do not. Hayek and Mises saw monetary profit as a monitoring mechanism, that allowed principles to check the performance of agents easily. Mises repeatedly insisted that monetary profits allow owners to monitor the performance of any size organization. This runs counter to the views expressed by Peter Klein, but Mises insisted upon this in several of his books. Monetary profits regulate the size of different branches in an organization. The CEO can simply check rates of return in different branches, expand the more profitable areas, curtail the less so, and shut down areas with losses (unless their is reason to expect better future prospects). Public agancies lack calculation of monetary profit, so this means of regulating large operations is not available. Also, Mises stressed the importance of financial markets in determining the investment projects of private organizations. Future production is determined by financial investors, who buy bonds and stocks, extend loans, buy options... The plans of public agencies are not regulated in this way, least of all in socialism. Financial markets are a crucial regulating mechanism in the Mises-Hayek system. I have several papers on this, two of which are close to being published at the EEJ and ROPE. I can send you or anyone else copies... Doug MacKenzie