Following the collapse of the USSR, many socialists pinned their hopes upon the development of a "market socialism" that would be economically efficient and create equality. Marxist philosopher G.A. Cohen wisely dissented.
“Our civilization is inseparably linked with our methods of economic calculation."
In 1920, Ludwig von Mises destroyed the intellectual foundations of the case for socialist central planning.
Whether political elites promote outright socialism or interventionism, they are advocating a failed economy.
While F.A. Hayek's famous 1945 essay effectively critiques the "perfect information" hypothesis, it is an inadequate explanation of the issue of economic calculation.
While F.A. Hayek's famous 1945 essay effectively critiques the "perfect information" hypothesis, it is an inadequate explanation of the issue of economic calculation.
Shoddy service, regular breakdowns, and overbudget to boot. There is a reason why government-funded projects always waste resources.
