Zohran Mamdani’s Socialism Fails the Economics 101 Test

Socialism seems to be on the rise, with jurisdictions like New York City electing avowed socialists to “fix the economy.” Whether it’s state control of the money supply or intervention in capital and labor markets, sound economics demonstrates that central planning never works.

The following article was originally published by the Mises Institute. The opinions expressed do not necessarily reflect those of Peter Schiff or SchiffGold.

Socialism always sells itself on empathy. New York Assemblyman Zohran Mamdani’s agenda—“free” public transit, frozen rents, and government-mandated equality—sounds merciful on the surface. But it rests on a fatal delusion: that force can manufacture fairness and that wealth can be ordered into existence.

The economists and moral philosophers of the Austrian School—Henry Hazlitt, Ludwig von Mises, F.A. Hayek, Murray Rothbard, Tom Woods, Robert Murphy, and Ron Paul—proved that liberty and prosperity emerge only from voluntary exchange. Every government distortion of prices or property replaces the choices of millions with the dictates of a few.