It’s alleged there’s an absence of depressions under statism.  It’s actually the opposite.  Statists economies are permanently depressed.  They may not have large fluctuations, but that doesn’t change the reality of the situation.  There are no entrepreneurs in statism.  An entrepreneur might have a great idea for a good.  This new good will never hit the market in a statist economy.  The masses are always forced to live at a lower standard.

Urgent needs can no longer be satisfied.  Entrepreneurs are eager to provide you with goods and services you’ll want.  Having them will improve the standard of living.  Their job is replaced by a bureaucrat, and your demands are left unmet.  Consumers force, in essence, the business to provide them with the products they demand.  The bureaucrat isn’t pressured by profit so you’re provided with what they want to provide you with.

The only thing that matters in a statist economy is the overlord’s values.  The masses are deprived of the goods and services that could be available.  The individual values don’t matter.  The statist leader might gab about how they’re deeply concerned, but it’s all hot air.  They’re just blowing this smoke so they can win a popularity contest.  They’ll keep doing it as long as people are fooled by it.

Much might seem fine because people can’t express themselves.  Outside observers might think they are content.  They just appear that way because they’re forced to hold their tongues, and/or the masses have been silenced.  Its certainly possible there could be a famine, or another crisis, but if the masses don’t, or can’t, speak up, the masses appear satisfied.  This might give the uninformed the appearance of no depression.

The economy is in a constant state of depression.  The masses can be misled by so-called experts and pseudo-economists.  They’re fat and happy while the masses are forced to live in horrible conditions.  Don’t fall prey to these so-called experts.  They are grossly wrong on every big issue.  The promises for prosperity will just happen for the overlords.  Anything they promise you is just a fairy tale.

Reference

Ludwig von Mises; Human Action