Why An Economy Can’t Work Without Market Prices

Posted on May 21, 2020 12:55 pm
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URL https://www.newswars.com/why-an-economy-cant-work-without-market-prices/ 

It has been a full century since Mises dropped the economic calculation bomb, but the argument apparently still haunts socialists.

It should, since Mises managed to show that a socialist economy is not an economy at all but calculational chaos. Yet it is curious that it does, since most have (incorrectly) concluded that Mises’s argument, after decades of debate, was debunked.

Why does a presumably debunked argument still, drive even non-Austrian critics to pen new responses and deliberate on apparent flaws?

Part of the answer might be that the debate ended without a proper conclusion. Mises’s critics, specifically the “market socialists” of the