Saturday, March 8, 2014

Graphic of the day: Socialism vs. capitalism

From Mark Perry of 'Carpe Diem."


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Related: The difference between what happens when markets allocate scarce resources and when markets are prevented from operating: In the US, nearly 100,000 patients suffering from renal failure are desperately waiting on a list for a kidney because the price is artificially forced to be $0.00 by government fiat. In Iran, people are compensated for donating a kidney, and there’s a waiting list for people willing to sell a kidney.  In other words:

With markets: Kidney donors wait in line for recipients and most patients with renal failure live.

Without markets: Patients with renal failure wait in a long line for a kidney, and most will die waiting.

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