This episode builds on the discussion in episode 1584 about the primary, and devastating, argument against socialism, namely the one developed by Ludwig von Mises that involves the impossibility of economic calculation under socialism. Today I explain why this is the most fundamental argument against socialism, trumping even the problem of dispersed knowledge emphasized by F.A. Hayek.
Thomas E. Woods, Jr., is the 2019 winner of the Hayek Lifetime Achievement Award from the Austrian Economics Center in Vienna. He is a senior fellow of the Mises Institute and host of The Tom Woods Show, which releases a new episode every weekday. Visit https://tomwoods.com