The economic philosophy is not a live issue — yet.
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I
s America having a socialist moment? Democrats are more likely than ever to embrace the label. Republicans strongly condemn it. Both sides agree that socialism is a live issue.
They’re wrong. If we assume that socialism is only about the efficient management of the economy — no small assumption, to be sure — it is as dead as a doornail. Two economists, Ludwig von Mises and F. A. Hayek, put that theory to rest by demonstrating that it’s impossible for socialism to out-produce capitalism.
Let’s be clear: Socialism is not actually on the agenda in the U.S. As it’s traditionally defined, socialism …
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This article was originally published by Nationalreview.com. Read the original article here.