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updated: 2019-06-11
| "Despite the often expressed dichotomy between chaos and planning, what is called 'planning' is the forcible suppression of millions of people's plans by a government-imposed plan. What are considered to be chaos are systemic interactions whose nature, logic, and consequences are seldom examined by those who simply assume that 'planning' by surrogate decision-makers must be better... scarcity is at the heart of any economy -- capitalist, socialist, feudal or whatever. Given that this scarcity is inherent in the system as a whole -- any system -- that scarcity must be conveyed [communicated] to each individual in some way... Markets in capitalist economies reconcile these competing demands [by different people, for different purposes] for the same resources through price movements in both the markets for consumer goos and the market for the resources which go into producing those consumer goods. These prices make it unprofitable for one producer to use a scarce resource beyond the point where that resource has a greater value to some competing producer [or consumer] who is bidding for that same resource... But, while profitability and unprofitability convey that limit, they are not what cause that limit -- which is due to the scarcity of resources inherent in any economic system, whether or not it is a profit-based system. Producing more of a given output in disregard of those limits does not make an economy more prosperous. On the contrary, it means producing an excess of one output at the cost of a shortage of another output that could have been produced with those same resources. This was a painfully common situation in the government-run economy of the Soviet Union, where unsold goods often piled up in warehouses while dire shortages had people waiting in long lines for other goods." --- Thomas Sowell 2010 _Intellectuals & Society_ pp 53-54 (citing Thomas Sowell 2007 _Basic Economics_; Herbert Croly 1989 _The Promise of American Life_ pp44, 45; Nikolai Shmelev & Vladimir Popov 1989 _The Turning Point: Revitalizing the Soviet Economy_ pp141, 170; Midge Dector 2001 _An Old Wife's Tale: My 7 Decades in Love and War_ pg169) |
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2018 January, week 1 (1-5) (16KB)
2018 January, week 2 (6-12) (16KB)
2018 January, week 3 (13-19) (16KB)
2018 January, week 4 (20-26) (16KB)
2018 January, week 5 (27-31) (16KB)
| "Engineers and mechanics were as much products of the industrialization process as the material goods and the machinery by which those goods were produced. So were inventors. More patents were issued in the quarter-century after 1760 than in the preceding 150 years." --- Thomas Sowell 1998 _Conquests and Cultures_ pg 37 (citing G.M. Trevelyan _English Social History_ pg409; Charles Kindleberger 1996 _World Eonomic Primacy: 1500 to 1990_ pp130-131) |
