July 18, 2007
Fiat's not Just a Car Made in Italy

Problem: Your economic (mis)management has created inflation reaching 60,000%, making prices so high they have zeros falling off the end.

Solution: Wal Mart-ize the prices, and arrest any shopkeeper who wants to stay in business.

Mugabe's in his 80s now, but he's done such deep and lasting damage to the country even if he died tomorrow it'll take decades to dig it out, and even then only if absolutely everything holds together and is done right. Considering most of Africa's governmental track record, that seems a vain hope indeed.

Unfortunately there are far too many of you out there who think simply commanding prices to be set really is a valid way to manage an economy. If that thought has ever even skittered across your radar screen (say, at a gas pump) watch Zimbabwe carefully, and learn.

Via Econlog.

Posted by scott at July 18, 2007 02:50 PM

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Inevitably, the very first thing all socialist revolutions do is persecute, imprison, and even assassinate anyone who knows enough about how money actually works that they can create their own wealth. Then they wonder why the systems they put their faith in always turn negative-sum and everyone ends up poor and miserable.

They really think that all geese that lay golden eggs must be slaughtered, because that gold just *has* to be stolen from someone.

Posted by: Tatterdemalian on July 18, 2007 05:58 PM
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