Socialism, Economic Calculation and Entrepreneurship
Can rational economic decisions be made in a socialist economy?
Drawing especially on the arguments by Mises and Hayek, eminent Austrian economist Jesús Huerta de Soto argues that only in an economy completely free of socialism and coercion can entrepreneurs calculate the economic costs of their actions. When socialism is introduced, dis-coordination must occur, keeping entrepreneurs from most effectively allocating resources in such a way to most satisfy consumer demands. A central planner simply does not have all of the necessary information to make decisions for an entire economy.
Join the Mises Circle next Monday for a discussion on chapters 2 and 3 (“Entrepreneurship” and “Socialism”) of de Soto’s “Socialism, Economic Calculation and Entrepreneurship”.
Can’t join us in person? Tune in to the Google+ Hangout from anywhere in the world. A link will be posted when we go live.
When: Monday, February 4th at 7pm CST
Where: Waggener 308