The Failure of Central Planning (Don Lavoie) - The Turney Collection - Libertarianism.org

Don Lavoie was an adjunct scholar at the School of Public Policy at George Mason University and an economic scholar at the Cato Institute.
In this lecture from a 1982 Center for the Study of Market Processes (now the Mercatus Center at George Mason University) conference, Lavoie lectures on the failures of central planning. Using Marx's own framework for socialism-the elimination of capital markets, the investiture of all workers with the products of their labor, and total top-down government planning of every aspect of an economy-Lavoie explains why planned economies fail, and then uses the economy of the Soviet Union as an example.
Download the .mp3 version of this lecture here: bit.ly/1nLE44L
The Turney Collection: Never-Before-Seen Archive Tapes
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[@IskalkaQuest2010]

And in the totally "planned" economy, there is also the market - the black market and/or grey economy that allows people to actually have choices!!! ;-)

[@debblouin]

Marx is consistent because he doesn’t actually plan. He theorizes because he bore no responsibility for results and no culpability for failure.

[@Lurker1979]

To bad Dr. Don Lavoie is no longer with us. I would have loved to see what he would have said relation to Obama's central planning.

[@SamuelMarks2]

The lecture is good but missed some low-hanging fruit, like in Das Capital where Karl Marx writes about crop rotation

[@Niklas323]

This speech isn't too bad. But I have to poke some points. The socialist movement was entirely guided by Karl Marx and his followers? Not so entirely so. Many early socialists, particularly, were reacting directly against him. Socialists want to abolish markets. Benjamin Tucker? I think he's conflating socialism. But he also misses a point the marxists might make. In which Russia and the soviet countries were never capitalist, and never had the developments necessary for the transition to lower socialism.

[@mariussielcken]

'Never capitalist'. at the time of the october revolution, there was already capitalist class. Otherwise, the revolution had no 'enemy' to attack. So your argument doesn't fly.

[@debblouin]

Exchange to the state never entered Marx’s theory? Really?

[@debblouin]

Marx is Darwin Needing the Missing Link(s) to validate his theory, but never able to find it in the record.