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This short essay from the 1920's lays out the fundamental flaws of trying to do economic calculations in the socialist state: Economic Calculation In The Socia
by dantheman 17y ago
This short essay from the 1920's lays out the fundamental flaws of trying to do economic calculations in the socialist state:
Economic Calculation In The Socialist Commonwealth:
http://mises.org/econcalc.asp http://mises.org/econcalc.asp
- jacoblyles 17y agoI'm also a big fan of Hayek's "The Use of Knowledge in Society" which explains how a capitalist system, rather than being "unplanned" as its critics often claim, actually uses decentralized planning that makes more efficient use of knowledge at all levels of society. http://www.econlib.org/library/Essays/hykKnw1.html http://www.econlib.org/library/Essays/hykKnw1.html