Why a socialist eceonomy is impossible. Video

[Crosshair]

I have realized that with all the economic lecturers I listen to, and how not interesting and/or crap many/some of them are, I can help educate people by choosing only the best ones and linking to them.
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Want to drive the leftists crazy? Point out to them that Socialisim was proven to be impossible back in 1920 by economist Ludwig von Mises. Why? because socialist economies cannot make economic calculation, meaning the rational allocation of resources is impossible and will always be inferior to a capitalist system. (To the point where the Chinese were ordering massive numbers of Sears catalogs so they could copy the prices.)

So 90 years ago, it was shown that what Bush and Obama have done is doomed to fail. Like most unrefuted criticisms of socialism, they choose to ignore the problem. Socialists hate an educated population.

Here's a nice 1 hour video going through the details. If one understands the argument it's like a tactical nuke against those who propose more government as the solution. It also has its entertaining moments.

Calculation and Socialism | Joseph T. Salerno
http://www.youtube.com/watch?v=TsF4gAkuaeY

Here is a link to a translation of the original paper.

Economic Calculation In The Socialist Commonwealth
http://mises.org/econcalc.asp

[ick]

An excellent collection of videos at that link. I could spend hours watching that material....

[st33ve0]

Great video. I'll have to check out some of their other stuff.

[Crosshair]

Great video. I'll have to check out some of their other stuff.

Yea, I need to start linking the best bits. Almost everything on that channel is good, but some are better than others.

[Twinsen]

I watched it. I could have explained the beginning for him. That magic number of residents per community is probably the absolute maximum size of a group where socialism can work. It still can't work as well as capitalism, but it can work on a very small scale, ignoring the rest of the world and just accepting a very low standard of living.