March 7, 2008

Terminal Ignorance

George Will on post-Castro Cuba:

The departure, if such it really is, of Castro, the weird uncle in the island's attic, cures nothing. Cuba's affliction remains: It is Castroism, which is communism colored by Bonapartism. Communism of any stripe is afflicted by terminal ignorance. Having no market, which is an information-generating mechanism, communism cannot know what things should cost.

Hence communism's amazing contribution to humanity's economic history is "value-subtraction" -- products worth less than the materials that go into them. That result is seriously inconvenient for Marxism's labor theory of value -- the theory that labor adds all value to the world's materials.

Posted by dan at March 7, 2008 12:55 AM