Tuesday, January 9, 2018

Crazy Socialist Analysis; This is Fatal Conceit on Steroids

A collection of Freidrich Hayek essays was published in 1991 under the title Fatal Conceit.

The general theme in the essays was that it was a fatal conceit to think an economy can be centrally planned, as opposed to relying on free market exchange and money prices as signals as to how limited resources can be distributed to generally increase the standard of living in a society.

The idea that goods and services should be free, as suggested below in the tweet of the Socialist Party, when they are limited in supply defies basic understanding of supply and demand--which exists even if there are no money prices. Socialists are nothing but a bunch of individuals suffering from extreme fatal conceit.
 -RW

6 comments:

  1. --- The idea that goods and services should be free, as suggested below in the tweet of the Socialist Party, when they are limited in supply defies basic understanding of supply and demand... ---

    They also contradict themselves--they're the first ones to talk about 'peak oil' and 'conserving' the environment and 'too much growth' at the same time they say that Socialism can bring back Paradise on Earth. Marxians are schizophrenic.

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  2. My neighbor is a huge Bernie fan. He believes college and health care should be "free." He also hunts morel mushrooms which he sells for $35/lb. Ummm Kay?

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    1. Must have eaten too many that he misidentified

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  3. And these people think Trump is the dumb one... I mean he is, but he's definitely a stable genius by comparison.

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  4. Looking through that twitter account makes it seem like whoever is posting either thinks on the level of a second grader or is a convincing troll.

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  5. This is just the pareto principle in action. Regardless of the type of economy you still tend to get a similar 80/20 distribution of wealth.

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