Socialism's Economic Calculation Problem...

Delve into the debate as socialists defend their ideology, arguing for the creation of a new socialist man. However, Mises challenges this notion, asserting that even with altruistic citizens, a socialist economy is destined to fail due to the absence of market prices. Join Kristian Niemietz as he unravels Mises' compelling argument against socialist economic planning and uncover the implications for today's world. #UFC #RenatoMoicano #MoneyMoicano #UFC300 #Mises #Socialism #Capitalism

[digaddog]

You can have prices under socialism. Socialism means two things. First, economic democracy. Second, in order to ensure that economic democracy remains (assuming you are not a market socialist) you have to abolish money under the Marxist definition. Currency can exist, but you can't have the M-C-M' circuit, you cant use your money to buy a commodity to sell it and make more money.

This typically implies some system of labor vouchers. A consequence of this is that there isn't really a free market for capital goods, but we already have algorithms which can solve the allocation of capital goods in 30 minutes, on a good computer. I recommend Towards a New Socialism for anyone interested.

[RextheRebel]

Really? So prices are not determined by the material cost to produce them? The cost of labor just isn't something you can calculate to determine prices? Hm, I guess companies should stop complaining about workers demanding too high compensation then.

[richard.s]

This guy does not understand socialism..

[equinoxswine]

And... Prices right now aren't decided by some bureaucrats? I'm not a socialist, but capitalism ain't the answer either.

[vinlondon]

The guy was clearly reading from a screen, which means he has no idea what he's talking about it.

[clarissathompson]

Social programs based on equality for all can be an important part of governance, but a fully socialized society, like in Communism, cannot work because corruption and greed is not ever going away. We had to read Animal Farm in high school for a reason.