Central planning Quotes

“ "This compound should be available from most good drugstores." I got increasingly annoyed with this phrase because in the world I lived in, even ordinary soap was available only intermittently............In an economy that operated by central planning, shortages of just about everything were commonplace." the author dexcribing life in Hungary in the 1950s under Communist Russian rule.”

“Central planning was just not good at replacing what the great eighteenth-century economist Adam Smith called the “invisible hand” of the market. When the plan was formulated in tons of steel sheet, the sheet was made too heavy. When it was formulated in terms of area of steel sheet, the sheet was made too thin. When the plan for chandeliers was made in tons, they were so heavy, they could hardly hang from ceilings.”