Thursday, May 3, 2012
Centrally Planned Economy: Is it Possible?
If the Government has control of the factors of production, how will costs be allocated? Will prices play a role? If no prices are used in the calculation, how will the economy allocate resources to its most urgent needs or uses? With regards to running an effective and efficient Centrally planned economy, is this really possible?
Professor Joseph T. Salerno explores the polemic that was eloquently presented by Ludwig von Mises in his book "Socialism" and other lectures.