Is socialism really “impossible”?

  title={Is socialism really “impossible”?},
  author={Bryan Caplan},
  journal={Critical Review},
  pages={33 - 52}
  • B. Caplan
  • Published 1 January 2004
  • Economics
  • Critical Review
Abstract In the 1920s, Austrian‐school economists began to argue that in a fully socialized economy, free of competitively generated prices, central planners would have no way to calculate which methods of production would be the most economical. They claimed that this “economic calculation problem” showed that socialism is “impossible.” Although many believe that the Austrian position was later vindicated by the collapse of the Soviet bloc, the Austrian school's own methodology disallows such… 

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