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.”

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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.

@JohnOSullivanNR is the interviewer.