I just returned from a conference where we read and discussed Mises's "Economic Calculation in the Socialist Commonwealth". That essay is full of insight, and one could argue anticipated many of the ideas later developed by Hayek and Kirzner, and the theory of the entrepreneurial market process. I'd like to emphasize one particular passage that relates to the importance of the institutional context for framing human behavior. Again, the important point to remember is that the Austrian epistemic argument evolved within a debate as they sought to grant charitably the assumptions of their intellectual opponents. And the epistemic point is not an information theoretic argument. It is not that the information is too costly to gather, it is that the knowledge required to make the rational calculations does not exist outside the context of the private property market economy.
As Mises writes:
"The entrepreneur's commerical attitude and activity arises fro his position in the economic process and is lost with its disappearance. When a successful business man is appointed the manager of a public enterprise, he may still bring with him certain experiences from his previous occupation, and be able to turn them to good account in a routine fashion for some time. Still, with his entry into communal activity he ceases to be a merchant and becomes as much a bureaucrat as any other placeman in the public employ. It is not knowledge of bookkeeping, of business organization, or of the style of commercial correspondence, or even a dispensation from a commercial high-school, which makes the merchant, but his characteristic position in the production process, which allows of the identification of the firm's and his own interests."
Chris Coyne and I have provided an overview of the literature in entrepreneurship that focuses on the importance of institutional context in our monograph --- Context Matters --- and Emily Skarbek, Nick Snow and I have a paper in Advances in Austrian Economics that attempts to explain the debate context within which this emphasis on contextual knowledge by Mises, Hayek, Kirzner and Lavoie evolved (emphasis is on Hayek in that article), and the Austrian theory of the entrepreneurial market process emerged.
Addendum: My SDAE Presidential address dealt with the distinction between information and knowledge.