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Tuesday, October 19, 2010

Yes, we really do want markets in everything part I by Tim Worstall FROM Adam Smith Institute [Short Article]

Quoting from former Soviet leader Michael Gorbachov's memoirs:
"The costs of labour, fuel, and raw material per unit of production were two to two and a half times higher than the developed countries, while in agriculture they were ten times higher. We produced more coal, oil, metals, cement and other materials (except for synthetics) than the Unmited States, but our end product was less than half that of the USA."

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