Idiot socialistsNovember 27, 2011 Tim WorstallEconomics16 Comments“The law of supply and demand is a lie,” Karlin Granadillo, the head of a price control agency set up to enforce the new regulations, said yesterday on state television. Via. previousYes, yes, just as I\’ve been saying for yearsnextThis will be difficult, won\’t it? 16 thoughts on “Idiot socialists” SadButMadLad November 27, 2011 at 4:26 pm A certain accountant from Wandsworth might like to emmigrate to Venezuela. Sounds like just the kind of country that would follow his ideas. We could then watch the experiment unfold and see if @RichardJMurphy was right after all or not. 🙂 😉 diogenes November 27, 2011 at 4:53 pm Karlin Granadillo will soon find out… Stuck-Record November 27, 2011 at 6:04 pm I wonder what will happen next? Who could possibly predict it? Fred November 27, 2011 at 6:38 pm How long before Venezuela stops being “the future of socialism” and starts being “never actually was socialist in any case”amongst the usual suspects? Just like so many other worker’s paradises… freemarketblogging November 27, 2011 at 7:08 pm HAHAHAHAHAHA…Moron Super Sam November 27, 2011 at 7:21 pm I lived in Venezuela once for about a year, even back then it was f***ed up. To ease traffic chaos, drivers with number plates ending in odd numbers could only drive on every other day of the week (say Mon, Weds, Fri), even number plates the in between days (Tues, Thurs, Sat). Result? Everybody bought 2 cars with odd & even number plates. A spot of bribery at the licensing office ensured you got the number plates you wanted (or else bought a suitable 2nd car). Some things never change. Steve November 27, 2011 at 9:42 pm Fred, can’t be long now before Venezuela becomes just another country where True Socialism Was Never Tried. Also, America is to blame, somehow. UnlearningEcon November 27, 2011 at 11:52 pm Well, they aren’t laws. The idea that human behaviour can be modelled by inviolable laws is pretty idiotic. Surreptitious Evil November 28, 2011 at 5:46 am “Well, they aren’t laws. The idea that human behaviour can be modelled by inviolable laws is pretty idiotic.” No, they’re not inviolable. Which is why there are all sorts of interesting variations and exceptions – luxuries versus necessaries, Veblen and Giffen goods – to the simplistic description of the law. And nobody is really claiming to be able to model an(y) individual’s behaviour, in the Hari Seldon mode. Just aggregate behaviour, to a sufficiently good approximation that you can gain valuable insights and make, if not predictions, “informed professional guesses”. DBC Reed November 28, 2011 at 9:27 am The law of supply and demand certainly does not work in the housing market with its huge claims on domestic disposable income. In the Uk there is a massive unsatisfied demand for affordable housing and three quarters of a million building plots in developers’ land banks. DBC Reed November 28, 2011 at 9:28 am Meant two thirds of a million in above. UnlearningEcon November 28, 2011 at 10:23 am Surreptitous, I take issue with the term ‘law’ being used for something that is inviolable. Some people *do* insist that they are as inviolable as the second law of thermodynamics, and the folks at carpe diem are among those. UnlearningEcon November 28, 2011 at 10:24 am That isn’t* inviolable. Sorry. Surreptitious Evil November 29, 2011 at 11:16 am U-E, But the “2nd law of thermodynamics” is an aggregate approximation over time. Entropy can increase, in the short term. It is just unlikely to. ChrisM November 29, 2011 at 12:13 pm SE. Entropy not only can increase in the short term, but does – and not just in the short term. An increase in total entropy with time is what the second law is all about. ChrisM November 29, 2011 at 12:43 pm “The idea that human behaviour can be modelled by inviolable laws is pretty idiotic.” Maybe, but the law of supply and demand is not seeking to model human behaviour; it is seeking to model an aspect of the economy. Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment.