2. A, B. During the first half of the 20th Century, the Soviet Union had excellent...

2. A, B. During the first half of the 20th Century, the Soviet Union had excellent economic growth, with socialism. Friedrich von Hayek nevertheless predicted back in 1945 that the socialist counties would go into future economic decline and eventually collapse.

Separately answering as parts A and B, give and fully explain two different reasons why Hayek believed that the Soviet Union was headed for a long run collapse. With each reason, also give what the Soviet Union tried to do to prevent the problem identified by Hayek.

answers must include (i) the good intention, (ii) the reason why they believed there is gain and (iii) the cause of this gain specifically through socialism.

Solutions

Expert Solution

1.He believed that prosperty of the society is driven by innovation Creativity and entrepreneurship is only possible in a society where free market exists He determine how changing price relay information that helps people determining the economic plan

2.some economists debated that it is possible for the socilist economy could work but hayek offended it. The reason socialist economists thought central planning could work was that they thought planners could take the given economic data and allocate resources accordingly

3.they relied and believed that central planners could force the economy to save and invest a lot more than otherwise and help achieve rapid gains in living standards.

Rahul Sunny answered 2 years ago

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