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Friedrich Hayek explains a fundamental difference between capitalism and socialism: “Profit is a signal which tells us what we must do to serve people whom we don’t know.” “Production for use is only possible in a society where we know all the facts.”

23,652 views • 1 year ago •via X (Twitter)

4 Comments

TheNameless's profile picture
TheNameless1 year ago

Enter trolls ...

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Rock Paper Sizzle1 year ago

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Shaamba Ⓥ's profile picture
Shaamba Ⓥ1 year ago

Does this apply to all forms of socialism, or only to state "socialism?" Because it doesn't sound like it'd apply to libertarian socialism, insofar as there's no concept of "planning" in LS. That I'm aware of, at least.

Lorenzo Cianti's profile picture
Lorenzo Cianti1 year ago

@JohnOSullivanNR is the interviewer.

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