Still Impossible after All These Years: Reply to Caplan

Abstract

In his recent article, "Is Socialism Really 'Impossible'?," Bryan Caplan questions the long-standing Austrian claim that socialism is impossible. Although Caplan is to be commended for engaging the arguments of Austrians such as Mises and Boettke, we contend that his arguments miss the mark. Caplan fundamentally misunderstands the Austrian proposition concerning socialism's impracticability and fails to appreciate the traditional argument made by socialists that Mises was addressing. For reasons we reveal below, Caplan's argument constitutes the triumph of cleverness over correctness, rather than the damning critique of the Austrian position he believes he has provided.

Keywords: Socialism, economic calculation

JEL Classification: B53, P20