RG

IN CONTEXT

FOCUS

Economic systems

KEY THINKER

Ludwig von Mises (1881–1973)

BEFORE

1867 Karl Marx sees scientific socialism as organized like an immense factory.

1908 Italian economist Enrico Barone argues that efficiency can be achieved in a socialist state.

AFTER

1929 US economist Fred Taylor says that mathematical trial and error can achieve equilibrium under socialism.

1934–35 Economists Lionel Robbins and Friedrich Hayek emphasize the practical problems with socialism—such as the scale of computation required and the absence of risk taking.

The German philosopher Karl Marx described socialist economic organization in his great work Capital in 1867. A ...

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