5min chapter

The "What is Money?" Show cover image

The Psychology of Property | The Stephan Kinsella Series | Episode 4 (WiM235)

The "What is Money?" Show

CHAPTER

The Austrian Understanding of the Market Is a Process

A policy of the socialization of means of production will result in a wasteful use of such means. The reason for this is the existence and unavoidable of change, he says. "There is always a need to withdraw old investments from some lines of production" He adds that socialist committees just make an arbitrary decision about how to use resources.

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