ABSTRACT
The Socialist assumption is that, if a properly constituted Government takes over the direction of economic activities, both on the productive and distributive side. In view of the fact that the Government represents the public, it both can and carries out this task of organising economic life in the best possible way in the interests of its citizens. The Socialist assumption achieves efficiency and justice, and also fulfils any other requirements that can be reasonably expected. Each single decision thus reflects the economic position as a whole instead of a number of imperfect and partial appreciations of it. This latter aspect is usually called the possibility of Central Planning'. It involves the elimination of the market as a method of taking economic decisions. Ludwig Von Mises concluded, the only possible way of running an economic system was that based upon individual decisions, and his private property, the price system, and profits.
