Give two criticisms of socialism
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Critics of socialism have argued that in any society where everyone holds equal wealth (which is what they believe is the result of socialism), there can be no material incentive to work because one does not receive rewards for a work well done.
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Other economists criticize models of socialism based on neoclassical economics for their reliance on the faulty and unrealistic assumptions of economic equilibrium and pareto efficiency. ... As a result, they perceive public ownership of the means of production and economic planning as infringements upon liberty.
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