By Edmond Conway
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For millions in Eastern Europe and beyond it heralded a greater freedom and prosperity than they had ever before experienced. For David Hasselhoff it was the crowning concert of a hearteningly brief music career. The fall of the Berlin Wall meant a lot of things to a lot of people. But most important of all was what that moment said about the way economies are structured and run. To most observers, the collapse of the Soviet Union proved incontrovertibly that market economies are the best way to run a country, to make it prosperous and to keep its citizens happy.
She has just discovered the equilibrium price for blankets. The solid black line denotes the demand people have for Maria’s blankets; the broken grey the supply. When blankets are priced at zero, there is demand for 100 of them, but there is no supply (since they cost more than that to manufacture). When they are priced at $20 there is potential demand for 60 but Maria can only make 20 of them. The equilibrium price for blankets, according to the chart, is 30 dollars. This is when supply equals demand – as the graph shows.
Third, it can be dangerously morale-sapping for an individual to be forced to specialize only in one specific trade or expertise. Having to carry out a single repetitive job each day leads to what Smith called a ‘mental mutilation’ in workers, degrading their minds and alienating them from others. It was an analysis with which Karl Marx heartily agreed. In fact, it forms part of the basis for his Communist Manifesto, which forecast that workers would become so disenchanted that they would eventually rise up against employers who imposed such conditions on them.
50 Economics Ideas by Edmond Conway