Socialism

Some are claiming that AI can make socialism workable, but even AI cannot take the place of entrepreneurial economic calculation.

Modern socialism is as disastrous as the older state-planning model.

Following the collapse of the USSR, many socialists pinned their hopes upon the development of a "market socialism" that would be economically efficient and create equality. Marxist philosopher G.A. Cohen wisely dissented.

Recorded at the Mises Institute on 27 July 2023.

“Our civilization is inseparably linked with our methods of economic calculation."

Student debt is a huge social problem, but the reason is that higher education costs themselves have become a major problem and are a financial burden whose costs outweigh its benefits.

Modern socialism is based upon state interference in normal human relationships, economic and otherwise. It is as disastrous as the older state-planning model.

The East German secret police, the Stasi, developed the art of mass surveillance using pre-digital  methods. Modern tech now makes the job a lot easier. 

Whether political elites promote outright socialism or interventionism, they are advocating a failed economy.

President Biden announced recently to much fanfare that his administration will transform the US economy through central planning. This does not end well.