Why a Socialist Economy is "Impossible" by Joseph T. Salerno
In "Economic Calculation in a Socialist Commonwealth," Ludwig von Mises demonstrates, once and forever, that, under socialist central planning, there are no means of economic calculation and that, therefore, socialist economy itself is "impossible" ("unmöglich")—not just inefficient or less innovative or conducted without benefit of decentralized knowledge, but really and truly and literally impossible.
At the same time, he establishes that the necessary and sufficient conditions of the existence and evolution of human society is liberty, property, and sound money: the liberty of each individual to produce and exchange according to independently formed value judgments and price appraisements; unrestricted private ownership of all types and orders of producers' goods as well as of consumers' good; and the existence of a universal medium of exchange whose value is not subject to large or unforeseeable variations.
Abolish all, or even one, of these institutions and human society disintegrates amid a congeries of isolated household economies and predatory tribes. But not only does abolition of private ownership of the means of production by a world embracing socialist state render human social existence impossible: Mises's analysis also implies that socialism destroys the praxeological significance of time and nullifies humanity's uniquely teleological contribution to the universe.....
From the Indepedent Sentinel:
Barack Obama told an audience of Argentinian youth that the differences between socialism and capitalism make interesting conversation but just pick whatever works.
The ideological-left US president suddenly doesn’t have an affinity for ideology.
He said in the past there was a sharp division between communists, socialists and capitalists but that is merely an intellectual argument and it’s not so today.
“So often in the past there has been a division between left and right, between capitalists and communists or socialists, and especially in the Americas, that’s been a big debate,” Obama said at the Buenos Aires town hall.
“Those are interesting intellectual arguments, but I think for your generation, you should be practical and just choose from what works. You don’t have to worry about whether it really fits into socialist theory or capitalist theory. You should just decide what works.”
6 Comments
Close this window Jump to comment formI'm willing to bet this "contemporary intellectual" wasn't relying on hisTeleprompter to reveal his "wisdom" to this audience.
Friday, March 25, 2016 1:03:00 pm
P.s. None of those systems mentioned in shariah...just another coincidence, eh?
Friday, March 25, 2016 1:16:00 pm
This POS was 15 minutes from where I live. The disgust I felt was about the same as what I feel when I see a woman in a burqa...
Friday, March 25, 2016 1:44:00 pm
He's a disgusting puddle of scum.
Friday, March 25, 2016 2:51:00 pm
Nico.. good one, we are changing POTUS to POS
Friday, March 25, 2016 3:19:00 pm
Why a Socialist Economy is "Impossible" by Joseph T. Salerno
In "Economic Calculation in a Socialist Commonwealth," Ludwig von Mises demonstrates, once and forever, that, under socialist central planning, there are no means of economic calculation and that, therefore, socialist economy itself is "impossible" ("unmöglich")—not just inefficient or less innovative or conducted without benefit of decentralized knowledge, but really and truly and literally impossible.
At the same time, he establishes that the necessary and sufficient conditions of the existence and evolution of human society is liberty, property, and sound money: the liberty of each individual to produce and exchange according to independently formed value judgments and price appraisements; unrestricted private ownership of all types and orders of producers' goods as well as of consumers' good; and the existence of a universal medium of exchange whose value is not subject to large or unforeseeable variations.
Abolish all, or even one, of these institutions and human society disintegrates amid a congeries of isolated household economies and predatory tribes. But not only does abolition of private ownership of the means of production by a world embracing socialist state render human social existence impossible: Mises's analysis also implies that socialism destroys the praxeological significance of time and nullifies humanity's uniquely teleological contribution to the universe.....
https://mises.org/library/economic-calculation-socialist-commonwealth/html/c/25
-- theBuckWheat
Friday, March 25, 2016 7:42:00 pm