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Warren identified the deeper problem almost a century before Ludwig von Mises and Friedrich Hayek made it famous in academic economics. When everyone owns everything, no one owns anything. When labor earns the same reward regardless of effort, effort disappears. When prices vanish, no one knows what anything is worth.
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"text": "Warren identified the deeper problem almost a century before Ludwig von Mises and Friedrich Hayek made it famous in academic economics.\n\nWhen everyone owns everything, no one owns anything. When labor earns the same reward regardless of effort, effort disappears. When prices vanish, no one knows what anything is worth.",
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