It’s not what gets put into the production of a good that determines its value, but what people are willing to pay for it. From Jeffrey A. Tucker at The Epoch Times via zerohedge.com:
New York’s incoming mayor has been transparent about his socialist thinking, and history has shown that the kind he subscribes to should be cause for concern.
To put it bluntly, we aren’t talking about a polite and fashionable Fabian socialism of the British upper class of 100 years ago, with its practical desire to construct cradle-to-grave welfare states. Rather it’s the one drawn from the older tradition of Karl Marx and his utterly mistaken attempt to trace all social evils to the existence of private capital. This view is ridiculously old-fashioned, kept alive entirely by the fake world of academia that is wholly shielded from any real-world experience in economics.
Part of that, of course, means not looking at the material world through the lens of objective reality and economics. This worldview imagines that the government can simply make all things free, lower and freeze rents, and deliver groceries by simply announcing it to be so, with some help from heavy taxes on the successful.
When the plan does not work, as it never does, in this worldview, leaders would have to resort to authoritarian measures. This is true everywhere it is tried. New York City is an awful state right now, and this path is guaranteed to make matters worse. One supposes we will see another round of exodus from Gotham in the coming months, not just fleeing capital but fleeing people.
