"Misesian economics shows that socialism fails because it violates the irrefutable laws of economics-among them the law of exchange, the law of diminishing marginal utility, the Ricardian law of association, the law of price controls, and the quantity theory of money-which can be deduced from the axiom of action by means of applied logic. And thus we can know-beforehand and absolutely-what the consequences of socialism will be wherever it is tried."