Notable Quote

"The paradox of 'planning' is that it cannot plan, because of the absence of economic calculation. What is called a planned economy is no economy at all. It is just a system of groping about in the dark. There is no question of a rational choice of means for the best possible attainment of the ultimate ends sought. What is done is simply to muddle through."

von Mises, Ludwig event 1949

From Human Action: A Treatise on Economics

Context: On the impossibility of rational economic calculation under socialism, from Part Five of Human Action (1949)