Carden, Art; Murtazashvili, Ilia; Flowers, Anna Claire - In: Elgar encyclopedia of public choice, (pp. 751-758). 2025
What is to be produced, how, and for whom? These questions can be answered via free exchange and people's decentralized choices, which is capitalism's organizing principle. They can also be answered by central planners who make choices for everyone, which is socialism's organizing principle....