At first, one might think that arguments in political philosophy over the merits of socialism and capitalism have no importance. If by socialism one means collective ownership or control of the means of production in a large-scale economy, there is nothing to debate. Mises and Hayek showed with the socialist calculation argument that socialist planning “cannot work, even if people were motivated to make it work, because planners do not have a workable substitute for prices.” If socialism cannot work, what is the point of comparing its ethical merits with its capitalist rival? Unless we desire economic chaos, socialism must be rejected and the free market affirmed.
Mises viewed matters in exactly this way. Before his calculation argument, the most effective challenge to socialism appealed to incentives. If people were not allowed to profit from their productive endeavors but were instead subjected to egalitarian imperatives, they would lack motivation to work. Socialism was incompatible with human nature. Mises thought that socialists could answer that the limits of current human nature might be overcome. They could not respond in this way, he thought, to the calculation argument. Once we grasp that socialism is impossible, there is no further room for philosophical discussion.
Yes, there’s more on the source article if you wish. That was much more blah-blah about Cohen, which I found drearty, than it was about Mises’ common sense Principles.
So I’ll suggest taking at look at Brennan’s book Why Not Capitalism?