Venezuela lives down to an old joke about communism

NY Times:
Venezuela was once the richest country in South America, but now the cost of basic groceries is about five times the minimum wage.
They once again prove the fallacy of communist ideology and management skills.  The old joke has been attributed to several sources but it goes like this, “What do you think would happen if socialism came to the Sahara?” The other said, “First nothing; then we would have a shortage of sand.

Markets are simply much smarter than socialists.  They can figure out how many eggs and slices of bacon are needed in New York City every day without intervention from the government.  If there are too many or too few the market has a mechanism to adjust the supply.  Multiply this times every commodity and you see why no one in Venezuela or anywhere else is smart enough to "do it right."


Popular posts from this blog

Democrats worried about 2018 elections

Obama's hidden corruption that enriched his friends

The Christmas of the survivors of Trump's first year in office?