Ludwig Von Mises, and Free Market Economics
After reading up on Ludwig Von Mises, I have come to the conclusion that his key point against capitalism and communism is flawed. Mises stated that the calculations necessary to predict where and when commodities/labour/and services were not capable of being completed in a timely enough manner to support the supply and demand of the citizens that occupy the area they cover.
Though this was true at the time of Mises statement, it is fundamentally flawed today. Four a couple of reasons;
1)Mises statement was made before the invention of the PC and the internet.
2)The same systems that allow massive corporations to exploit far reaches of the planet are capable of performing calculations and graphical simulations at rates that allow a relatively few people to rule many. As is seen with the Major International Corporations. Our systems are so far advanced in comparison with what Mises could have predicted, that people all over countries can communicate information within milliseconds of real-time to massive server networks 24/7.
Personally If I can place an order for a futon online and have arrive at my door in a week, the relevance of his claim is moot. I would love to hear a contradicting argument though, please feel free to prove me wrong.
Posted Nov 3, 2010, 11:31 PM UTC