Abstract
Abstract Socialism is strictly ?impossible.? Its impracticability is not, as Bryan Caplan has suggested, a ?quantitative? matter, nor does he show that real?world socialism's incentive problems outweighed its informational ones. Caplan's criticism of Ludwig von Mises's critique of the ?possibility? of socialism fails to appreciate what he meant by ?socialism? and misunderstands Mises's argument about economic calculation. History, too, suggests that socialism's informational deficiency was the most significant problem facing those who tried to implement socialism.
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DOI 10.1080/08913810508443633
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Knowledge, Ignorance, and the Limits of the Price System: Reply to Friedman.Greg Hill - 2006 - Critical Review: A Journal of Politics and Society 18 (4):399-410.
Incentives Vs. Knowledge: Reply to Caplan.Rodolfo A. Gonzalez & Edward Stringham - 2005 - Critical Review: A Journal of Politics and Society 17 (1-2):179-202.
Toward a New Consensus on the Economics of Socialism: Rejoinder to My Critics.Bryan Caplan - 2005 - Critical Review: A Journal of Politics and Society 17 (1-2):203-220.

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