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Thomas Sowell is a right wing ideologue.

Consultant32452 6y ago
Verify any of the historical accounts you think are inaccurate. You might also enjoy wikipedia. https://en.wikipedia.org/wiki/Economic_efficiency#Mainstream_views https://en.wikipedia.org/wiki/Economic_efficiency#Mainstream... The "mainstream views" section suggests that market economies are believed to be closer to efficient than other known alternatives. The mainstream only recommends macroeconomic type interventions to counteract the economic cycle. Macroeconomic interventions are monetary policy, not price fixing, confiscation, etc. Or how about the wikipedia on price gouging: https://en.wikipedia.org/wiki/Price_gouging#Opposition_to_laws_against_price_gouging https://en.wikipedia.org/wiki/Price_gouging#Opposition_to_la... In a survey of economists, only 8% supported legislation against price gouging. 51% were against. The economists opposing the proposal argued that such legislation would lead to a misallocation of resources and lead to lower supply and greater scarcity of the resources, or argued that the proposal in question was vague. Or how about the wikipedia on economic planning: https://en.wikipedia.org/wiki/Planned_economy#Advantages_of_economic_planning https://en.wikipedia.org/wiki/Planned_economy#Advantages_of_... The advantages show the Soviet Union industrializing... while starving to death because the central planners did not have infinite knowledge, which the central planning idea requires. https://en.wikipedia.org/wiki/Planned_economy#Disadvantages_of_economic_planning https://en.wikipedia.org/wiki/Planned_economy#Disadvantages_... This section of the same wikipedia article shows that markets are more efficient at allocating resources. ############# It doesn't matter where you go, everywhere you will see markets are better at allocating resources. Politicians implement bad policy because voters demand action. Trump can use the Defense Production Act to command masks be confiscated and sent to a hospital, and he will act like he's a savior, and economically ignorant people will believe it because action looks better than inaction. But he's not doing that because all the economists have said that's the best way to get masks where they need to be. In the end, he's killing people with these kinds of actions, not saving them.
- ardy42 6y ago
  > In a survey of economists, only 8% supported legislation against price gouging. 51% were against. The economists opposing the proposal argued that such legislation would lead to a misallocation of resources and lead to lower supply and greater scarcity of the resources, or argued that the proposal in question was vague. I wouldn't put too much stock in that survey. It was about a specific Connecticut law, it only included 40 economists, many chose not to answer, and many of the others took issue with some vagueness in the wording. Furthermore, I wouldn't blindly follow "economists" on any policy matter. Sure, their ideas have some merit, but their discipline has its biases, too. > The advantages show the Soviet Union industrializing... while starving to death because the central planners did not have infinite knowledge, which the central planning idea requires. Oh, please. Anti-price gauging legislation is not central planning. It's pretty weak to trot out the Soviet Union to refute anything but the purest capitalism. > It doesn't matter where you go, everywhere you will see markets are better at allocating resources. The first army to learn to allocate supplies to the front lines on free market principles will be unstoppable! /s
  - Consultant32452 6y ago
    I DDG searched "do economists support anti price gouging laws". Here's the top results. Every one of them disagrees with you. https://www.marketplace.org/2017/09/01/why-economists-dont-think-price-gouging-problem/ https://www.marketplace.org/2017/09/01/why-economists-dont-t... "Economists don't think price gouging is a problem" https://www.forbes.com/sites/jeffreydorfman/2016/09/23/price-gouging-laws-are-good-politics-but-bad-economics/#4d3ab94464d3 https://www.forbes.com/sites/jeffreydorfman/2016/09/23/price... "Price gouging laws are good politics but bad economics" https://hbr.org/2013/07/the-problem-with-price-gouging-laws https://hbr.org/2013/07/the-problem-with-price-gouging-laws "The problem with price gouging laws" https://www.thoughtco.com/the-economics-of-price-gouging-1146931 https://www.thoughtco.com/the-economics-of-price-gouging-114... supports price gouging Can you provide ANY literature suggesting mainstream economists, on average, support price fixing, confiscation, or purchase limits as a means to allocate resources effectively in a crisis? >The first army to learn to allocate supplies to the front lines on free market principles will be unstoppable! /s The military primarily gets work done by allowing private contractors to bid on projects. In order to get troops near the front lines, most military personnel take commercial airline flights to get there because it's more efficient. Military operations are wildly inefficient, but they still use markets wherever possible because it gets things done as efficiently as possible.

Verify any of the historical accounts you think are inaccurate. You might also enjoy wikipedia. https://en.wikipedia.org/wiki/Economic_efficiency#Mainstream_views https://en.wikipedia.org/wiki/Economic_efficiency#Mainstream... The "mainstream views" section suggests that market economies are believed to be closer to efficient than other known alternatives. The mainstream only recommends macroeconomic type interventions to counteract the economic cycle. Macroeconomic interventions are monetary policy, not price fixing, confiscation, etc. Or how about the wikipedia on price gouging: https://en.wikipedia.org/wiki/Price_gouging#Opposition_to_laws_against_price_gouging https://en.wikipedia.org/wiki/Price_gouging#Opposition_to_la... In a survey of economists, only 8% supported legislation against price gouging. 51% were against. The economists opposing the proposal argued that such legislation would lead to a misallocation of resources and lead to lower supply and greater scarcity of the resources, or argued that the proposal in question was vague. Or how about the wikipedia on economic planning: https://en.wikipedia.org/wiki/Planned_economy#Advantages_of_economic_planning https://en.wikipedia.org/wiki/Planned_economy#Advantages_of_... The advantages show the Soviet Union industrializing... while starving to death because the central planners did not have infinite knowledge, which the central planning idea requires. https://en.wikipedia.org/wiki/Planned_economy#Disadvantages_of_economic_planning https://en.wikipedia.org/wiki/Planned_economy#Disadvantages_... This section of the same wikipedia article shows that markets are more efficient at allocating resources. ############# It doesn't matter where you go, everywhere you will see markets are better at allocating resources. Politicians implement bad policy because voters demand action. Trump can use the Defense Production Act to command masks be confiscated and sent to a hospital, and he will act like he's a savior, and economically ignorant people will believe it because action looks better than inaction. But he's not doing that because all the economists have said that's the best way to get masks where they need to be. In the end, he's killing people with these kinds of actions, not saving them.

ardy42 6y ago
> In a survey of economists, only 8% supported legislation against price gouging. 51% were against. The economists opposing the proposal argued that such legislation would lead to a misallocation of resources and lead to lower supply and greater scarcity of the resources, or argued that the proposal in question was vague. I wouldn't put too much stock in that survey. It was about a specific Connecticut law, it only included 40 economists, many chose not to answer, and many of the others took issue with some vagueness in the wording. Furthermore, I wouldn't blindly follow "economists" on any policy matter. Sure, their ideas have some merit, but their discipline has its biases, too. > The advantages show the Soviet Union industrializing... while starving to death because the central planners did not have infinite knowledge, which the central planning idea requires. Oh, please. Anti-price gauging legislation is not central planning. It's pretty weak to trot out the Soviet Union to refute anything but the purest capitalism. > It doesn't matter where you go, everywhere you will see markets are better at allocating resources. The first army to learn to allocate supplies to the front lines on free market principles will be unstoppable! /s
- Consultant32452 6y ago
  I DDG searched "do economists support anti price gouging laws". Here's the top results. Every one of them disagrees with you. https://www.marketplace.org/2017/09/01/why-economists-dont-think-price-gouging-problem/ https://www.marketplace.org/2017/09/01/why-economists-dont-t... "Economists don't think price gouging is a problem" https://www.forbes.com/sites/jeffreydorfman/2016/09/23/price-gouging-laws-are-good-politics-but-bad-economics/#4d3ab94464d3 https://www.forbes.com/sites/jeffreydorfman/2016/09/23/price... "Price gouging laws are good politics but bad economics" https://hbr.org/2013/07/the-problem-with-price-gouging-laws https://hbr.org/2013/07/the-problem-with-price-gouging-laws "The problem with price gouging laws" https://www.thoughtco.com/the-economics-of-price-gouging-1146931 https://www.thoughtco.com/the-economics-of-price-gouging-114... supports price gouging Can you provide ANY literature suggesting mainstream economists, on average, support price fixing, confiscation, or purchase limits as a means to allocate resources effectively in a crisis? >The first army to learn to allocate supplies to the front lines on free market principles will be unstoppable! /s The military primarily gets work done by allowing private contractors to bid on projects. In order to get troops near the front lines, most military personnel take commercial airline flights to get there because it's more efficient. Military operations are wildly inefficient, but they still use markets wherever possible because it gets things done as efficiently as possible.