Carl Balod’s Magnum opus, Der Zukunftsstaat (1898) proposed that government purchases privately owned means of production — industries and farms — and replaces them with large-scale assembly line state-owned facilities. With this basis, he hoped for a fair distribution of national income as well.
Ballod’s economics legacy reminds me of Paul Valdens, the much respected Latvian chemist. Ballod left the first examples of the future Input-Output-analysis without linear algebra. The late Modris Smulders was much impressed by Ballod’s statistical skills.
Vox populi plays no role of what is important in science. For this reason, I am happy Latvians of today have celebrated Ballod’s lasting memorable legacy. Alas, Latvians have been unwilling to translate his Der Zukunftsstaat. Maybe it will happen eventually.