A Free Department on Socialism
I have added a new department, free to the public: "Mises on Socialism."
One hundred years ago, Ludwig von Mises wrote an article that showed why socialism is inherently irrational: "Economic Calculation in the Socialist Commonwealth."
Prior to this article, there had been economists who had argued that socialism is inefficient in practice. Mises took the argument to a higher level. He argued that socialism is inherently irrational. It cannot work because of an inherent contradiction.
Socialist economists tried to answer him. They all failed.
Then the entire economics profession took a new approach: they stopped referring to Mises' arguments. By 1950, almost no young economists had heard of it.
China switched to Keynesianism in 1979, and the USSR's economy collapsed in the late 1980's. In 1990, America's most influential socialist economist, Robert Heilbroner, wrote this: "Mises was right."
In my new department, I will present Mises' theory in a series of articles that will arm you intellectually to answer any defender of socialism.
If you are worried about a new wave of socialism in America, this department will show you why it is not going to happen. Mises was right. Socialism is irrational. It cannot work.
The department is here: https://www.garynorth.com/public/department226.cfm