What does Economic mean?

[Truth_and_Liberty]

@vaduka

Obviously I am not Mr. Sanchez, my reply was not asked for, but I will, nevertheless, write what I think.

I appreciate the input.

@vaduka

If the whole purpose of using the word economic(al) is for it to serve as an adjective for the description of the economization qualities of a system, then if a system (for example, a socialistic one, where a central planner orders what the structure of production to be) does not economize resources, it can not be said to be economic.

Yes, OK, but then the question becomes: can resources be more or less economized or are they either economized or not?

@vaduka

Any system that hampers the functioning of the pricing process by distorting its dynamics of adjustment of the price structure accroding to the changes of the individuals’ subjective valuations, procures a structure of production characterised by misalloaction.

So the extent to which a system does this is the extent to which it is uneconomic?

[Epicurus_Ibn_Kalhoun]

there can be no such thing as a magic czar, and therefore the calculation problem is insurmountable

This really defines the issue right here. Is leninism economic? No, but the people’s actions within it are.