This episode builds on the discussion in episode 1584 about the primary, and devastating, argument against socialism, namely the one developed by Ludwig von Mises that involves the impossibility of economic calculation under socialism. Today I explain why this is the most fundamental argument against socialism, trumping even the problem of dispersed knowledge emphasized by F.A. Hayek.
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“Economic Calculation in the Socialist Commonwealth: Postscript: Why a Socialist Economy is ‘Impossible,‘” by Joe Salerno
“Reply to Leland B. Yeager on ‘Mises and Hayek on Calculation and Knowledge‘,” by Joe Salerno
“Ludwig von Mises as Social Rationalist,” by Joe Salerno
“Socialism: A Property or Knowledge Problem?,” by Hans-Hermann Hoppe
“Knowledge, Judgment, and the Use of Property,” by Jörg Guido Hülsmann
“Calculation and the Question of Arithmetic,” by Jeffrey Herbener
“Ludwig von Mises and the Austrian School of Economics,” by Jeffrey Herbener
“The End of Socialism and the Calculation Debate Revisited,” by Murray Rothbard
“The Equations Of Mathematical Economics And The Problem Of Economic Calculation In A Socialist State,” by Ludwig von Mises
“Economic Calculation in the Socialist Commonwealth,” by Ludwig von Mises
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