Economic Calculation Problem: Refuting Hakim Part 1

I have covered the Economic Calculation Problem on numerous occasions, as requested I decided to respond refuting Hakim on this particular issue. Bearing in mind his video is quite lengthy, so there is a lot to cover.Show more

The Economic Calculation Problem is something grossly misunderstood and there is no exception to this when it comes to ignorance like Hakim, like the book that has been read a billion times over, he makes the same predictable arguments relative to this that every other socialist does.

What you will find with Hakim are a lot of baseless claims made in his video, such as claims that the Economic Calculation Problem have been refuted or that the market resulted in the creation of monopolies, collusions, etc which simply aren't true. He has no real world examples to provide for you, but what we can provide are examples where such things formed as a result of government interference.

Likewise, it is the same story regarding his erroneous claims on how it's just ideology, his arrogance is astounding given the real world examples we've seen plastered everywhere, and I wouldn't even take William Paul Cockshott seriously when he tried to deny a quote by two Soviet Union economists illustrating the Economic Calculation Problem which proves he himself doesn't even comprehend what the Economic Calculation Problem is.

As I have explained in this video regarding profits and losses, they are price signals and it is consumers who drive prices, without market-driven prices driven by consumers, there's no information of consumers needs and wants. Hakim, like all socialists, show the complete ignorance when it comes to speaking about profits and even regarding the relationship investors have in the economy, etc.

There was no way I was going to leave out all those important details, therefore, we will get to the crux of his main argument on the Economic Calculation Problem in a following part, this, however, covers the basis of his laughable critique of the Economic Calculation Problem and of markets claiming there are market failures.

I have addressed the issue on the banking crisis previously so if you want a better understanding of that, you can check out the following video: https://www.youtube.com/watch?v=FCHahZ2e6kU

00:00 - introduction
02:10 - ECP Critique
11:29 - Why Argument
23:13 - Projectionism

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