The Demand Wizard: Why Command and Control Economics Fails
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The teacher, in this example, is playing the control wizard in both examples. Hes giving people the power to trade by granting them access to food in the first place. Hes just allowing the people to freely trade it.
vidfreak56 3 months ago
@ftsmallwood Not everyone got a 4 as I may have suggested.
vidfreak56 3 months ago
@ftsmallwood Sure but does this mean that it is correct as my previous comment states. I will buy what I want as long as I have equal access to the market. In this example he assumes everyone has the ability or the power to trade and get what they want. Here everyone here got a 4 because they simply had what someone else wanted. This is the condition that demand markets need in order to work. This is untrue in reality where everyone cant have what everyone else wants.
vidfreak56 3 months ago
@vidfreak56 Not at all. When you go to the store, you don't buy what you want or do you buy donuts even though you really want pretzels?
ftsmallwood 3 months ago
Thats a completely biased example. It assumes so many things to be true. Firstly it assumes that everyones got equal access to the commodities they want to trade. Thats simply untrue in a market where the "big boys" with "big money" can buy out commodities and even monopolize (by specialized information, or bribery) many aspects of the market. Of course it works when everyone has the ability to get what they want. The ? is, does that happen in reality?
vidfreak56 2 years ago
I might have blinked, did they raise a question about the difference between wants and needs? Are all commodities created equal?
MrSteveSpears 2 years ago
Always classic, keep it up II
rcxf7 2 years ago
What!?! Central Planning doesn't work?? BUT it will be better with Gov. Ritter in charge. He should be able to take a mediocre system and make it worse :-(
Great stuff guys!!
clawki 4 years ago