Today we will examine the calculation problem - the difficulty of allocating scarce resources in a planned economy, i.e., without the use of markets and prices.
Socialist economic intellectuals realized that, if socialism was to prevail against capitalist ideas, socialism must produce more prosperity and abundance of goods. Can economic planning performed by experts, coupled with the enlightened socialist worker, do better than the market?
When Khrushchev said "We will bury you!", he explained that it was not intended to threaten nuclear war, but that the socialist system will inevitably prevail over capitalism. Let's see how well this works .
The Green Anchor has been meeting every week on the south side of Minneapolis, Minnesota since 2007 to discuss and learn more about economic freedom. The title of our group, The Green Anchor, was the name of the restaurant in Vienna where Ludwig von Mises gathered with his friends to discuss economics well into the late evening. If you are not familiar with Austrian Economics or Ludwig von Mises, you can get a quick overview here (http://en.wikipedia.org/wiki/Ludwig_von_Mises) and here (http://en.wikipedia.org/wiki/Austrian_school). Please also check out the Ludwig von Mises Institute (http://mises.org/), which continues to carry on scholarship in the tradition of the Austrian School.
While we generally choose a weekly topic relating to the market, we also discuss practical issues revolving around individual and small group "economizing" in an increasingly uncertain world.
Our meetups are open to anyone interested in learning more about liberty, free markets, sound money and peace. Please join us.