The Gnostic Fallacy

Bethell, Tom
July 1982
National Review;7/23/1982, Vol. 34 Issue 14, p885
The article discusses the need for an economic system to efficiently transmit information in the form of prices. The information is regarding what consumers really want. Prices effectively transmit this information in two directions, disclosing opportunities to producers and costs to consumers. The importance of prices for the markets can be seen in the socialist economy. Without information on prices and markets, producers in the Soviet Union were unable to find out what people want. These socialist economies are not consumer oriented.


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