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Debunk the Economic Calculation Problem 🗿yipinstitute.org/article/the-economic-calculation-problem
662 sats \ 5 comments \ @jakoyoh629 6 Sep econ
The economic calculation problem was first presented in 1920 by Ludwig Von Mises in his essay, Economic Calculation in the Socialist Commonwealth. The economic calculation problem wrecks all economies without some form of market prices and private property. The problem especially applies to socialism and communism and proves both are terrible economic systems.
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45 sats \ 4 replies \ @SimpleStacker 6 Sep
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Why is it called "Debunk the ECP"?
The webpage is actually defending the ECP against attempts to debunk it.
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30 sats \ 0 replies \ @Undisciplined 6 Sep
I was confused too. From what I've seen, the critics of Mises never really grappled with the problem.
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0 sats \ 2 replies \ @jakoyoh629 OP 6 Sep
I must've missed something. How'd you get to that conclusion?
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50 sats \ 1 reply \ @SimpleStacker 6 Sep
Read it again....
Many people have responded to the ECP with their critiques, but not a single one holds up under logic.
The Economic Calculation Problem shows that socialist, communist, and centrally planned economies are all completely inefficient and cannot have any proper production. Thus, capitalism is a much better system compared to other forms of economies.
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30 sats \ 0 replies \ @jakoyoh629 OP 6 Sep
Okay, I get it now. I think the confusion is with the word debunk. Maybe it's debunk in a good way. Ahh
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