Chapter 8. The Socio-Psychological Foundations of Socialism or The Theory of The State
Pages 173–198 in the text.
Pages 173–198 in the text.
Pages 151–172 in the text.
Hard-left "democratic socialists" think they figured out how to make government planning possible: use prices. But there's a problem in their argument: prices are impossible without markets.
Not only is capitalism not a system of the exploitation of labor, but the real system of the exploitation of labor is socialism.
The marginalist revolution posed a fundamental problem for economic theory. Mises’s approach not only solved the problem of economizing resources in a division of labor, but provides a robust framework for economic research.