[98ZJ USMC]

Einstien believed that socialism works

In Einsteins' time, the full blown welfare state didn't exist yet. He had no love for Leninism/Marxism, but the socialist welfare state was still theoretical. It looks good on paper. Einstein had no track record of failure to measure it against and a mature free-market system was still evolving. Additionally, he was no financial wizard.

[Democrat_media]

Hayek, who wrote the book Road To Serfdom, the true genius during that time proved that socialism can never work:

Hayek’s (1945) elaboration of the difficulty of aggregating diffuse private knowledge is the best-known articulation of the knowledge problem, and is an example of the difficulty of coordinating individual plans and choices in the ubiquitous and unavoidable presence of dispersed, private, subjective knowledge; prices communicate some of this private knowledge and thus serve as knowledge surrogates.

http://econc10.bu.edu/economic_systems/Theory/NonMarx_Socialism/Soc_Contraversy/Hayek.htm#1

http://knowledgeproblem.com/tag/hayek/