Even granting the goals of “meeting people’s needs” and “selflessness” cherished by socialists, a property-based market economy is far superior at meeting those goals in modern civilization compared to a top-down, centrally controlled socialist system.
Why do individuals pay much higher prices for some goods versus other goods? The answer requires understanding the law of diminishing marginal utility.
The 1920 article by Mises is as unknown today by graduate students in economics as it was in 1990, 1950, or 1930. But at least one man in the socialist camp admitted to the New York literati that Mises was right.
Useful goods and services, and the productive resources needed to create useful goods and services, are wealth. Money is not wealth, and creating more money without first creating wealth is a big problem.
Fighting erroneous socialist doctrines is not a special interest of a single class but the cause of all; everyone would suffer under the limitation of production and of progress entailed by socialism.
Social media has lied about user privacy and has misled the public about the platforms' status as open forums. But none of this makes these companies monopolies.
