Term

Economic calculation problem

Mises and Hayek’s objection to an economy without market prices: without prices, identifying priority needs and allocating resources is difficult.

Designing the Future, Jacque Fresco

Explained in

• Designing the Future, Jacque Fresco
• The Best That Money Can't Buy: Beyond Politics, Poverty, & War, Jacque Fresco

  Ludwig von Mises's argument: without market prices it is hard to know what is scarce and where resources are best directed. The main economic objection to societies without money.

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