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What If There Were No Prices? The Railroad Thought Experiment What If There Were No Prices? The Railroad Thought Experiment

To appreciate why market prices are essential to human well-being, consider what a fix we would be in without them. Suppose you were the commissar of railroads in the old Soviet Union. Markets and prices have been banished. You and your comrades. Passionate communists all. Now, directly plan how to use available resources. You want…

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