Economic calculation in the socialist commonwealth

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This short essay from the 1920's lays out the fundamental flaws of trying to do economic calculations in the socialist state: Economic Calculation In The Socialist Commonwealth: http://mises.org/econcalc.asp

In fact you are wrong socialism can never work because it doesn't have proper price signals. There's an excellent paper: Economic Calculation in the Socialist Commonwealth that details this problem from the 30s. Also, it is very hard to have a mixed plan because eventually one will exploit the other. Game theory is great and all, but most of the time I don't think it applies to multiple trials -- which is what the real world is.

…mation system ever invented since it allows people all over the world who have never met and to coordinate their behavior in mutual beneficial ways. A quick easy read is Economic Calculation in the Socialist Commonwealth ( http://mises.org/econcalc.asp ) is a clear example of how economic thought can be applied to predict outcomes of various systems, but notice it doesn't say in 10 years X will happen.