[mdlug-discuss] Economics (Was: CRT)

[Ingles, Raymond]

> From: Aaron Kulkis

> This is Adam Smith's "invisible hand" or the market place
> at work -- Neither you or I can know the exact inputs into
> everything, but prices transmit accumulated information which
> nobody could ever keep track of. [This is why demand-side
> and command economies like the Soviet Union and N. Korea
> always wind up as complete failures -- the replacement of
> market prices with political decisions causes massive
> inefficiencies which are never identified.]

 And yet, there can be 'externalities' that are not tracked by the
market: 

https://secure.wikimedia.org/wikipedia/en/wiki/Externality

 Sincerely,

 Ray Ingles                                            (313) 227-2317

 "For every complex problem there is an answer that is clear, simple,
                  and wrong." -- H. L. Mencken


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