30.12.04

SPEAKING OF SHIRKING. Forward Markets weighs in on Marginal Revolution's calculation debate questions, identifying a free riding problem inherent in "from each, to each."
In a nutshell, socialist planners could have the best information available and could plan their asses off accordingly and socialism would still fail because the people responsible for actually doing the work would still suffer from the moral hazard problem.
That is, if the planners could plan, which they can't.

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