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Origin Entry: Political Compass

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Political Compass - Lib-right peter griffin has come to explain an anti auth-left meme | /r/PoliticalCompassMemes

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r/libpol Grain of rice I thought the wall of text was our thing... Brain size of the average planned economy fan Lib-right Peter Griffin here to explain the meme. Basically, this meme is a reference to the failure of economic planning due to the economic calculation problem which was proposed by Ludwig von Mises in his 1920 article "Economic Calculation in the Socialist Commonwealth" and later expanded upon by F.A. Hayek in essays such as "The Use of Knowledge in Society." They concluded the price system of market economies is required to provide the necessary information to efficiently allocate resources and make economic calculations.

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