ABSTRACT
If no other objection could be raised to the socialist plans than that socialism will lower the standard of living of all or at least part of the immense majority, it would be impossible for praxeology to pronounce final judgement. Men would have to decide the issue between capitalism and socialism on the ground of judgements of value and of judgements of relevance… However, the true state of affairs is entirely different. Man is not in a position to choose between the two systems. Human cooperation under the system of the social division of labor is possible only in the market economy. Socialism is not a realizable system of society’s economic organization because it lacks any method of economic calculation.
