Source: Ludwig von Mises Institute
by William L Anderson
“When the communist regimes of Eastern Europe and the Soviet Union collapsed in 1990 and 1991, followers of the Austrian School of Economics knew that socialism’s lack of a coherent method of economic calculation certainly led to the demise of these regimes. Economists had known for years of the chronic shortages, shoddy workmanship, and all of the other negative aspects of economic life in those countries and why no one who understood socialism was surprised at these results.” (06/04/26)
https://mises.org/mises-wire/economic-calculation-and-southern-california-beach-girl