I explain Mises' impossibility thesis of socialism, i.e. the economic calculation problem, and why it makes a "socialist economy" strictly impossible.Join th...
Living in a country where when there's a global coffee shortage due to a poor harvest, the government blends in ersatz coffee to prevent price overruns and fill supply gaps, working to mitigate the issue over several years.
Living in a country where when there's the same global shortage the government lets coffee skyrocket to $20 per pound, accounting for inflation and then lets companies just keep that new pricing forever with inflation being the only thing that makes coffee appear to have gotten cheaper by the 1990s
The 1970s coffee shortage affected every country and the west just let coffee prices soar up to about $3.10 per pound in 1976 dollars, which then was passed on to consumers closer to $4/lb.
The 1970s coffee shortage affected every country and the west just let coffee prices soar up to about $3.10 per pound in 1976 dollars, which then was passed on to consumers closer to $4/lb.