Mises Daily by Edgardo Tenreiro | Posted on 4/30/2009 12:00:00 AM
Experts agree that our healthcare system is unsustainable and in need of reform to promote better coordination, accountability, outcomes, and cost effectiveness. Regrettably, they also seem to agree that we need a robust central-planning authority — a health czar — to make this coordination happen.
But as economist Ludwig von Mises proved in his 1920 treatise "Economic Calculation in the Socialist Commonwealth," under central planning any rational economic calculation, that is, any method to efficiently allocate resources, is practically and theoretically impossible — not just of higher cost, lower quality, and reduced innovation; not just uncoordinated, inefficient, and ineffective; but literally impossible. FULL STORY.