Mises on the Knowledge Problem
#economics #socialism #money
The discussion over calculation is very confused. It goes that Mises used property and Hayek used knowledge. While correct, its not the entire story. Mises identified the knowledge problem first, but pointed out calculation is impossible because the lack of property. “The mind of one man alone—be it ever so cunning, is too weak to grasp the importance of any single one among the countlessly many goods of a higher order. No single man can ever master all the possibilities of production.”
If property is given up—or forcibly removed—no rational monetary prices can ever be established. If prices cannot be established, rational economic calculation is impossible. Every step away from property is a step away from calculation. Thus, a step towards chaos. This fact is very easily overlooked. Much like Say’s Law, calculation is critical to understanding economics. Keynesian nonsense and socialist schemes rest on ignoring these. More precisely, rest on abolishing property.
Read More: https://mrdevinney.com/mises-on-the-knowledge-problem/
-
4:22
InfoWars/Newswars
1 year agoThe Federal Reserve’s (Permanent) Knowledge Problem
28 -
2:00
Chili Bu Revolution of the Mind, Body & Soul
1 year agoMusing by Mises
28 -
34:45
Mises Institute
10 months agoDo Big Data and AI Solve the Socialist Calculation Problem? | Tate Fegley
5 -
1:08:31
Grumblings Media
5 months agoThe Big Questions - Jeff Deist, Former Mises Institute President
55 -
30:57
tomwoodshow
4 years agoEp. 1583 Mises' Smash of Socialism, 100 Years Later
5 -
6:08
The Daniel Natal Show
1 year agoA Variant of Technocracy
1431 -
6:08
The New American
1 year agoA Variant of Technocracy
5.07K1 -
10:29
The Christian Economist
6 months agoThe Economics of Imperfection | Episode #196 | The Christian Economist
21 -
3:32
Mises
1 year agoThe Solution to FTX? Read Mises
3 -
23:13
The Liberty Mindset
1 year agoS02E11 - "Planned Chaos" by Ludwig Von Mises
18