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From Dickinson College Wiki
"Our civilization is inseparably linked with our methods of economic calculation.It would perish if we were to abandon this most precious intellectual tool of action"
"To follow socialist morality would destroy much of the present humankind and impoverish the rest" (Hayek, 1988)
The collapse of the state socialism in Eastern Europe is the convincing proof that market socialism did not work. Still, some socialists such as Bardhan and Roemer would state there is a feasible model of non-private ownership combining democracy with an egalitarian wealth distribution. However, they miss the importance of the cntext and analyse the model of Mises-Hayek only through the lens of contemporray principal-agents models.
