#economic calculation problem

[thelaunchpadmedia]

Reds - The Last Nighters - Episode 82

Reds – The Last Nighters – Episode 82

Show Notes:

We talk about the epic film “Reds” which follows John Reed as he covers the Bolshevik Revolution as an idealistic journalist with utopian visions of successfully implementing socialism.  Our guest is Jon Reed (no relation) and we have a barn-burner of a discussion about this marathon of a movie that has some many discussion-nuggets that our show went a little long.

A Ronald…

View On WordPress

[shemalediary-blog]

From Wage Slave to State Slave

From #WageSlave to Slave: flaws of a #Socialist Paradise, the economic calculation problem.

Now, I’m using the term “Wage Slave” as a joke, for the most part, because if one voluntarily enters into an agreement to do something in return for payment, then one obviously isn’t a slave. If I agree to cut your grass for $30 a week, I’m not your slave. I’ve gone over this before, because it stems from the idea that we are required to earn a wage in order to pay for food and a roof over our…

View On WordPress

[jenlog]

The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess. The economic problem of society is thus not merely a problem of how to allocate "given" resources — if "given" is taken to mean given to a single mind which deliberately solves the problem set by these "data." It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only these individuals know. Or, to put it briefly, it is a problem of the utilization of knowledge which is not given to anyone in its totality.

FA Hayek, "The Use of Knowledge in Society"