"The Soviet economy is proof that, contrary to what many skeptics had earlier believed, a socialist command economy can function and even thrive" William Nordhaus, awarded a "Nobel Prize" in economics today, writing in 1989, of all years, in the textbook he wrote with Samuelson
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Replying to @saifedean
Any good modern refs on the Russian economy? They're doing ridiculously well for what is essentially a kleptocracy, and I don't understand why...
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Replying to @BobMcElrath @saifedean
Where did you hear that they are doing well?
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Replying to @MustStopMurad @saifedean
Numerous friends and colleagues who lived there
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Replying to @BobMcElrath @saifedean
I own several businesses in Russia and the economy isn't anywhere near to doing ridiculously well. Look at the currency, stock market, quality of life (abysmal), wealth inequality (top 3 in the world), median average income.
4:13 PM - 8 Oct 2018
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6 likes
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