Abstract

Let us assume, for the sake of argument, that socialism is over. Be that as it may, it is now widely accepted that socialism, understood as involving the social ownership of the means of production and the abolition of markets, faces real and perhaps insuperable difficulties. For without both markets and individual ownership, it is difficult to see how problems of individual motivation and information transmission are to be tackled—to say nothing of Ludwig von Mises's underlying concern with how to make economic decisions about the utilization of resources within an economy.