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June 13, 2017 in Off Topic Chit-Chat
A third piece of evidence comes from the work of the economic historian McDonald in his book Production Efficiency in Domesday England which compared the efficiency of feudal agriculture with a number of modern capitalist industries or sectors. He used linear programming to estimate how much different farms or firms could in principle have achieved with their available resources and compared this with what they actually produced. The results, shown below are interesting.
The only economic sample that he could find in the published literature whose mean efficiency of resource usage was actually better than Feudal England in 1086, were US steam power stations. In general, by the standards of linear programming, the other US economic sectors were markedly less efficient even than Feudal manors.
It seems that the opponents of socialist planning have very inflated ideas of how efficient market economies actually are. According to them, socialist planners are hopelessly wrong unless they can optimise problems that even an ideal capitalist economy could not optimise. It does not seem to matter to these advocates of the market that actual capitalist economies are far less efficient at resource utilisation than neo-classical theory predicts.
9 minutes ago, JakeHolman said:
Good then Mexico can accept and feed everyone crossing THEIR southern border.
Can just see hypocrisy in action.
8 minutes ago, JakeHolman said:
That's the million dollar question, why would anyone want to leave the utopia socialism creates?
People like Obrador is why we need better border security more than ever.
4 minutes ago, JakeHolman said:
I'm so disgraced.
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