The sustainability of the socialist system got intellectual attention decades before its final demise. Economic prophets like Ludwig von Mises and Oskar Lange had divergent views on the functionalities of the socialist economic structure. In the economic calculation theory, Mises argues that socialism was limited to operate as an efficient economic structure largely because it embraced bureaucratic establishments over free enterprise (Bockman, J. (2012). According to Mises, value creation and waste control could only be possible in a climate that supports private enterprise and individual ownership. Mises asserted that socialism made it impossible to evaluate whether or not a particular production process was efficient or vice versa, in the…show more content… (2012). In addition, Misses argued that in any given economy, socialist planners would not understand the action to take. However, creating a crucial theory of calculation, he indicated that planning could not only address these issues as socialism lacked the necessarily indispensable strategy entrepreneurs could use to evaluate markets prices. On the other hand, Lange was concocted with the Mythology of Socialist Calculation discussion; a practice that aided and was recognized by virtually all economists irrespective of their ideological line (Hodgson, 1998). Lange also believed that Mises did more good than harm to socialism by bringing the issue of economic calculation, an aspect that socialists were not aware of. On the other hand, Lange demonstrated that by integrating utopian views of priceless socialism or pricing based on the theory of labor, socialist planning could address the wretched equations by the excellent old capitalist technique. While Lange admitted the incompetency of socialism economic structure to anticipate the future, it was not an important issue to bother socialists (Gregory et al. 2004). In retrospect, Lange understood that a competitive market espoused by capitalist did not direct production towards the most critical consumer demands; because they are limited when it
