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1.2. Economic Calculation

  • Bureaucracy by Ludwig von Mises

Tags Calculation and KnowledgeOther Schools of ThoughtPrices

05/02/1944Ludwig von Mises

The impracticability of all schemes of socialism and central planning is to be seen in the impossibility of any kind of economic calculation under conditions in which there is no private ownership of the means of production and consequently no market prices for these factors.

From Chapter I: "Profit Management". Narrated by Millian Quinteros.

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