Even Marx was forced to admit that workers were not being paid at subsistence levels, and that capitalism led to a rising standard of living for workers. So in order to save his theory, he redefined the concept of subsistence.
C Jay Engel Reviews The Socialist Manifesto, from the Editor of Jacobin.
Mises and Hayek had very different views on the socialist calculation debate and Hayek's contribution merely added confusion.
A future prime minister must have a clear understanding of his enemy, the socialist myth, why it fails, and why free markets succeed.
Socialism and capitalism offer radically different solutions to the problem posed by scarcity.
Industrialization and capitalism finally freed us from the starvation and deprivation of endless centuries of subsistence living. Now socialists in Venezuela have managed to reverse centuries of progress.
Mises explained how the liberal society does not encourage isolation of individuals. In fact, “there is no conflict of interest between society and the individual, as everyone can pursue his interest more efficiently in society than in isolation.”
If we stick to the data, regardless of which socioeconomic indicator we choose, it seems clear that the sharp economic downturn began long before 2017.
In the Soviet Union, any significant goods had two price tags: one real and another virtual. One was the actual black-market price. The other was the "official" government price.
