Uploaded September 2020 | Updated September 2026, 5 hours ago
In 1920, Austrian economist Ludwig Von Mises changed the understanding of price theory forever, by showing how that prices are signals being given out to say where resources are best allocated. Not only was this a "good" way to do it, it's the only way to do it. That is to say, economic planning such as socialism is IMPOSSIBLE. With this understanding you will never have to wonder again why socialism has been a complete and utter disaster. It explains why potentially rich countries go destitute, and why destitute countries become rich the further away they get from socialism and learn to love capitalism for the positive-sum system that it is.
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In 1920, Austrian economist Ludwig Von Mises changed the understanding of price theory forever, by showing how that prices are signals being given out to say where resources are best allocated. Not only was this a "good" way to do it, it's the only way to do it. That is to say, economic planning such as socialism is IMPOSSIBLE. With this understanding you will never have to wonder again why socialism has been a complete and utter disaster. It explains why potentially rich countries go destitute, and why destitute countries become rich the further away they get from socialism and learn to love capitalism for the positive-sum system that it is.
-
🔴 Buy me a coffee: buymeacoffee.com/ceaddaofmercia
🔴 Twitter (X): twitter.com/CeaddaOfMercia
🔴 Substack: lettersfrommercia.substack.com
