give two different reasons why Hayek expected an economic collapse in every socialist country.

Each reason (A and B) must use economic fundamentals to demonstrate the problems expected by Hayek. (note: It is not sufficient simply to state that in the late 20th century many socialist countries collapsed, proving Hayek’s long term forecast. You must give two of Hayek’s reasons.)

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Reason A Calculation Problem Friedrich Hayek a prominent economist and philosopher expected an economic collapse in socialist countries due to the cal... View the full answer