Why Thomas Sowell is a Gorram Genius

And you probably are not….

Economic commentary by Thomas SowellWhy restricted trade, high taxes, price controls, and Communist ideas always fail to generate the published outcome. The money quote:

Many economic issues are complex, but sometimes a single fact will tell you all you need to know. When you know that central planners in the Soviet Union had to set 24 million prices—and keep adjusting them, relative to one another, as conditions changed—you realize that central planning did not just happen to fail. It had no chance of succeeding from the outset. It is a wholly different ball game when hundreds of millions of people individually keep track of the relatively few prices they need to know for their own decision making in a market economy.

Talk about putting the slap down on collectivists.

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: