Sunday, April 19, 2020
Shortages
Prices preventing shortages
The failures of communism to provide goods
And so on.
The failures of communism to provide goods
In contrast, those who propose to replace markets with government direction have no theory – none – of how resources would be allocated in ways that satisfy as many as possible consumer demands. Such people have only faith – faith that government officials somehow ‘know’ what the ‘correct’ prices are – faith that bureaucrats somehow ‘know’ which goods and services fellow citizens ‘should’ produce more of and which they should produce less of – faith that politicians somehow ‘know’ which things ‘should’ be imported and exported and which things ‘should not’ be imported and exported.
And so on.
Labels: economics
