In the course of a long and highly productive life, one of the most notable economists and social philosophers of the twentieth century, Ludwig von Mises developed an integrated science of economics.

Based on the idea that individual human beings act deliberately in order to achieve desired goals, his explanation of economics as a science was an eloquent and articulate voice of reason.

Mises’ said that the socialist notion of communal property would lead to no competition for goods and services, no market prices, and no profit and loss system.

This meant there would be massive economic waste, bad investments, production bottlenecks, surpluses of some things and shortages of others. He argued that without property rights and private ownership, there could be no rational allocation of resources within an economy.