Uploaded July 2026 | Updated September 2026, 1 hour ago
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[LICENSE INFORMATION: I do not consider intellectual property to be a valid form of property (youtube.com/watch?v=4xKjHHzLUQQ), therefore I hereby waive any aggressive restrictions such as the attribution requirement of the CC license that should be below this disclaimer. You can use this content for any use you see fit so long as you also do not enforce an intellectual monopoly over derivative works. Furthermore, if I have made a mistake and licensed under the standard YouTube license please let me know and I will amend it]
Made with Restream. Livestream on 30+ platforms at once via restream.io
Original video: youtube.com/watch?v=OmH0tQwenTE
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[LICENSE INFORMATION: I do not consider intellectual property to be a valid form of property (youtube.com/watch?v=4xKjHHzLUQQ), therefore I hereby waive any aggressive restrictions such as the attribution requirement of the CC license that should be below this disclaimer. You can use this content for any use you see fit so long as you also do not enforce an intellectual monopoly over derivative works. Furthermore, if I have made a mistake and licensed under the standard YouTube license please let me know and I will amend it]
![Hes Saying Nothing! Christopher Hitchens vs Objectivism Debate Review
Reviewing Christopher Hitchens and John Judis vs Harry Binswanger and John Ridpath on Capitalism vs socialism.
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[LICENSE INFORMATION: I do not consider intellectual property to be a valid form of property (https://www.youtube.com/watch?v=4xKjHHzLUQQ), therefore I hereby waive any aggressive restrictions such as the attribution requirement of the CC license that should be below this disclaimer. You can use this content for any use you see fit so long as you also do not enforce an intellectual monopoly over derivative works. Furthermore, if I have made a mistake and licensed under the standard YouTube license please let me know and I will amend it] Hes Saying Nothing! Christopher Hitchens vs Objectivism Debate Review](https://i.ytimg.com/vi/JW0fXqf-SQI/mqdefault.jpg)
![Debate Review: Dave Smith vs Nick Sarwark
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Reviewing the debate that Dave Smith and Nick Sarwark had on the Soho Forum, What is the Ideal Strategy for the Libertarian Party? A Soho Forum Debate, https://youtu.be/adou3a9g040
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[LICENSE INFORMATION: I do not consider intellectual property to be a valid form of property (https://www.youtube.com/watch?v=4xKjHHzLUQQ), therefore I hereby waive any aggressive restrictions such as the attribution requirement of the CC license that should be below this disclaimer. You can use this content for any use you see fit so long as you also do not enforce an intellectual monopoly over derivative works. Furthermore, if I have made a mistake and licensed under the standard YouTube license please let me know and I will amend it] Debate Review: Dave Smith vs Nick Sarwark](https://i.ytimg.com/vi/KIz70Ya4AoM/mqdefault.jpg)
![Nobody Knows how to Make a Pencil
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In this YouTube video, we will delve into the economic calculation problem (ECP) and how it relates to the production of simple products like pencils. The ECP, first identified by economist Ludwig von Mises in 1920, refers to the inability of socialist economies to allocate resources efficiently and effectively due to the absence of a market price mechanism. This is because in a socialist system, there is no private ownership of the means of production, which means that market prices for goods and services are not established through supply and demand.
To understand the ECP, we will explore the story of I, Pencil, a famous essay by Leonard Read that highlights the intricate supply chain and production process of a simple pencil. The essay shows how the production of a pencil requires the coordination of numerous individuals and resources, including graphite, wood, and rubber. Each of these components comes from different parts of the world and requires specialized knowledge and expertise to produce.
This complexity makes it impossible for a central planner in a socialist economy to efficiently allocate resources and establish prices for these goods. Instead, a market economy with private ownership and free exchange allows for individuals to pursue their own self-interest and make economic decisions based on the price signals provided by the market.
While Karl Marx believed that socialism could overcome the problems of capitalism, the ECP shows that this is not the case. Without market prices to allocate resources efficiently, socialist economies cannot produce goods and services in a way that is both cost-effective and sustainable. In conclusion, the ECP highlights the fundamental flaws in socialist economic systems and reinforces the importance of free markets and private ownership in promoting economic growth and prosperity.
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[LICENSE INFORMATION: I do not consider intellectual property to be a valid form of property (https://www.youtube.com/watch?v=4xKjHHzLUQQ), therefore I hereby waive any aggressive restrictions such as the attribution requirement of the CC license that should be below this disclaimer. You can use this content for any use you see fit so long as you also do not enforce an intellectual monopoly over derivative works. Furthermore, if I have made a mistake and licensed under the standard YouTube license please let me know and I will amend it] Nobody Knows how to Make a Pencil](https://i.ytimg.com/vi/KLiQlD4Bu24/mqdefault.jpg)
![Why Socialism is Literally Impossible
I explain Mises impossibility thesis of socialism, i.e. the economic calculation problem, and why it makes a socialist economy strictly impossible.
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I have been unable to upload the script to my git repo, so the [8] citation is: Hans-Hermann Hoppe, /Against Fiduciary Media/
In this video, I discuss the Economic Calculation Problem (ECP), a problem in economics that shows why socialism is impossible. The ECP was first proposed by Ludwig von Mises, a leading Austrian economist, and it shows that a socialist economy cannot function because it lacks the market prices and information needed for economic calculation and planning. We explore this problem using the example of the Soviet Union, which was a socialist economy that ultimately failed because of its inability to solve the ECP. This video is a must-watch for anyone interested in economics, libertarianism, socialism, and the history of economics.
I explain how the ECP shows that a socialist economy cannot function because it lacks the market prices and information needed for economic calculation and planning. I also discuss the socialist calculation debate, which was a debate among economists about whether a socialist economy could overcome the ECP and achieve economic efficiency.
One of the key arguments made by proponents of the ECP is that a market economy is necessary for economic calculation and planning. In a market economy, prices are determined by the interaction of supply and demand, and this information is used by producers and consumers to make economic decisions. In contrast, a socialist economy lacks market prices, and this makes it impossible to calculate the costs and benefits of different economic choices.
Another key argument made by supporters of the ECP is that a socialist economy is inherently inefficient. In a market economy, competition drives producers to constantly improve the quality and price of their goods and services. In a socialist economy, there is no competition, and this means that there is no incentive for producers to innovate and improve. As a result, a socialist economy is likely to be less efficient than a market economy.
In the Soviet Union, the failure of socialism was particularly evident. The Soviet Union was a socialist economy that was plagued by inefficiency and shortages. Despite the governments efforts to implement economic planning, the Soviet economy was unable to overcome the ECP and achieve economic growth. Ultimately, the Soviet Union collapsed and transitioned to a market economy.
The ECP shows that socialism is impossible because it lacks the market prices and information needed for economic calculation and planning. The socialist calculation debate and the example of the Soviet Union demonstrate the practical implications of this theory, and support the idea that a market economy is necessary for economic efficiency and growth.
In this video, I discuss the Economic Calculation Problem (ECP) and its implications for socialism. The ECP was first proposed by Ludwig von Mises, a leading Austrian economist, and it shows that a socialist economy is impossible because it lacks the market prices and information needed for economic calculation and planning. The socialist calculation debate, which was a debate among economists about the feasibility of socialism, supports the Misesian theory that a market economy is necessary for economic efficiency and growth. The example of the Soviet Union, a socialist economy that ultimately collapsed, illustrates the practical implications of the ECP and the impossibility of socialism. In light of these arguments, it is clear that socialist economic policies are misguided and unworkable.
See also the sister-video by @MentisWave: https://www.youtube.com/watch?v=ZiN5AukuOqs
Chapters:
00:00 The Impossibility Thesis
04:54 Gross Output Planning
06:56 The Steady-State Economy
07:34 The Peoples Republic of Walmart
08:39 The Ethical Defeat of Socialism
Footnotes: https://pastebin.com/PnJirAQr
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Music: https://pastebin.com/ym2h7H99
[LICENSE INFORMATION: I do not consider intellectual property to be a valid form of property, therefore it would be unethical for me to enforce the attribution requirement of the CC license that this video should be licensed under. Furthermore, if I have made a mistake and licensed under the standard YouTube license please let me know and I will amend it] Why Socialism is Literally Impossible](https://i.ytimg.com/vi/KzHA3KLL7Ho/mqdefault.jpg)
![Austrian Economics vs The Perfect Evolutionary Being
I debate Evolutionary Capitalist on the Austrian subjective theory of value.
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[LICENSE INFORMATION: I do not consider intellectual property to be a valid form of property (https://www.youtube.com/watch?v=4xKjHHzLUQQ), therefore I hereby waive any aggressive restrictions such as the attribution requirement of the CC license that should be below this disclaimer. You can use this content for any use you see fit so long as you also do not enforce an intellectual monopoly over derivative works. Furthermore, if I have made a mistake and licensed under the standard YouTube license please let me know and I will amend it] Austrian Economics vs The Perfect Evolutionary Being](https://i.ytimg.com/vi/LrdS7yrUx_8/mqdefault.jpg)
![The Man Who Sold the World
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Original meme by 5crownik007
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[LICENSE INFORMATION: I do not consider intellectual property to be a valid form of property (https://www.youtube.com/watch?v=4xKjHHzLUQQ), therefore I hereby waive any aggressive restrictions such as the attribution requirement of the CC license that should be below this disclaimer. You can use this content for any use you see fit so long as you also do not enforce an intellectual monopoly over derivative works. Furthermore, if I have made a mistake and licensed under the standard YouTube license please let me know and I will amend it] The Man Who Sold the World](https://i.ytimg.com/vi/MI_Dl_p28C0/mqdefault.jpg)
![Anarcho-Capitalism Debate
Debating Olicsa on anarcho-capitalism and the objectivity of the NAP
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[LICENSE INFORMATION: I do not consider intellectual property to be a valid form of property (https://www.youtube.com/watch?v=4xKjHHzLUQQ), therefore I hereby waive any aggressive restrictions such as the attribution requirement of the CC license that should be below this disclaimer. You can use this content for any use you see fit so long as you also do not enforce an intellectual monopoly over derivative works. Furthermore, if I have made a mistake and licensed under the standard YouTube license please let me know and I will amend it] Anarcho-Capitalism Debate](https://i.ytimg.com/vi/MO0Et1iqXNQ/mqdefault.jpg)
![🚨 Dave Smith Defender Denies Logic for Closed Borders
I clarify my position on open borders with a member of the Libertarian Christian Institute.
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00:00 He gives his monologue
12:00 I am allowed to speak
14:26 The group property argument
42:15 The law of excluded middle is denied
52:29 I am kicked off, Eric John speaks
1:06:00 Jack Lloyd speaks
1:59:49 Q & A
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[LICENSE INFORMATION: I do not consider intellectual property to be a valid form of property (https://www.youtube.com/watch?v=4xKjHHzLUQQ), therefore I hereby waive any aggressive restrictions such as the attribution requirement of the CC license that should be below this disclaimer. You can use this content for any use you see fit so long as you also do not enforce an intellectual monopoly over derivative works. Furthermore, if I have made a mistake and licensed under the standard YouTube license please let me know and I will amend it] 🚨 Dave Smith Defender Denies Logic for Closed Borders](https://i.ytimg.com/vi/MzsHHZ3929o/mqdefault.jpg)
![Radicalism vs gradualism
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[LICENSE INFORMATION: I do not consider intellectual property to be a valid form of property (https://www.youtube.com/watch?v=4xKjHHzLUQQ), therefore I hereby waive any aggressive restrictions such as the attribution requirement of the CC license that should be below this disclaimer. You can use this content for any use you see fit so long as you also do not enforce an intellectual monopoly over derivative works. Furthermore, if I have made a mistake and licensed under the standard YouTube license please let me know and I will amend it] Radicalism vs gradualism](https://i.ytimg.com/vi/NT2oZDLEzaE/mqdefault.jpg)
![Shes so BAD at this! Candace Owens vs Andrew Wilson debate review.
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Original video: https://www.youtube.com/watch?v=nPhCKwJ6ye8
Collaborators: @fabianliberty, @rationalfrontier2609, @libertas-l4b, @BasedIfTrue
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[LICENSE INFORMATION: I do not consider intellectual property to be a valid form of property (https://www.youtube.com/watch?v=4xKjHHzLUQQ), therefore I hereby waive any aggressive restrictions such as the attribution requirement of the CC license that should be below this disclaimer. You can use this content for any use you see fit so long as you also do not enforce an intellectual monopoly over derivative works. Furthermore, if I have made a mistake and licensed under the standard YouTube license please let me know and I will amend it] Shes so BAD at this! Candace Owens vs Andrew Wilson debate review.](https://i.ytimg.com/vi/NpIWZZ9RJm4/mqdefault.jpg)
![PraxBen mogs socialist during debate
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[LICENSE INFORMATION: I do not consider intellectual property to be a valid form of property (https://www.youtube.com/watch?v=4xKjHHzLUQQ), therefore I hereby waive any aggressive restrictions such as the attribution requirement of the CC license that should be below this disclaimer. You can use this content for any use you see fit so long as you also do not enforce an intellectual monopoly over derivative works. Furthermore, if I have made a mistake and licensed under the standard YouTube license please let me know and I will amend it] PraxBen mogs socialist during debate](https://i.ytimg.com/vi/NtQhlYwAxTc/mqdefault.jpg)