Sublime

In his magnum opus Human Action, Mises constructs a brilliant vision of how people can best live and work together. He begins by building on the answers to basic questions such as “How do we know things?” and “How do we know what’s true and what’s right?”

Furiously and famously, Mises declared, “You’re all a bunch of socialists!” and stormed out.2 Much like Rand with rent control, Mises felt that once income distribution is on the table, the jig is basically up.

Mises was born in 1881 in my hometown of Lvov, in what is now Ukraine.

The fatal flaw of socialism that Mises exposed was that without a price mechanism emerging on a free market, socialism would fail at economic calculation, most crucially in the allocation of capital goods