Economics of Liberty

WATCH: Top 5 Most Epic Takedowns of Socialist Ideas

5. F.A. Hayek- Socialism Is Impossible In A Technical Sense


F.A. Hayek, famed Austrian economist, turns on its head the idea of central planning essential to socialism. He states, “Socialism protesting against the production for profit and not for use, objects to what makes the extended society possible. Production for use is only possible in a society where we know all the facts. But to achieve this situation, where we are all working for people whom we do not know, and being supported by the work of people we do not know, is made possible because we produce profit. Profit is the signal which tells us what we must do to serve people whom we do not know.”

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