Five years after the Bolshevik Revolution, Austrian economist Ludwig
von Mises predicted that the Soviet project was doomed to fail. In his
classic work Socialism, Mises explained that the attempt to
replace the market system with central economic planning could not
succeed, because the planners could not possibly have the information
necessary to make all the decisions which, in a market economy, are made
by individuals whose needs and desires are reflected in prices: "The
problem of economic calculation is the fundamental problem of
Socialism."
"Everything brought forward in favour of Socialism during the last hundred years," Mises wrote in 1922, "in thousands of writings and speeches, all the blood which has been spilt by the supporters of Socialism, cannot make Socialism workable. .... Socialist writers may continue to publish books about the decay of Capitalism and the coming of the socialist millennium; they may paint the evils of Capitalism in lurid colours and contrast with them an enticing picture of the blessings of a socialist society; their writings may continue to impress the thoughtless -- but all this cannot alter the fate of the socialist idea."
http://spectator.org/articles/57691/worst-idea-world
"Everything brought forward in favour of Socialism during the last hundred years," Mises wrote in 1922, "in thousands of writings and speeches, all the blood which has been spilt by the supporters of Socialism, cannot make Socialism workable. .... Socialist writers may continue to publish books about the decay of Capitalism and the coming of the socialist millennium; they may paint the evils of Capitalism in lurid colours and contrast with them an enticing picture of the blessings of a socialist society; their writings may continue to impress the thoughtless -- but all this cannot alter the fate of the socialist idea."
http://spectator.org/articles/57691/worst-idea-world
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