{"id":60147,"date":"2021-10-30T05:44:19","date_gmt":"2021-10-30T10:44:19","guid":{"rendered":"https:\/\/olduvai.ca\/?p=60147"},"modified":"2021-10-30T05:44:19","modified_gmt":"2021-10-30T10:44:19","slug":"theres-no-supply-chain-shortage-or-inflation-theres-just-central-planning","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=60147","title":{"rendered":"There\u2019s No \u2018Supply-Chain Shortage,\u2019 Or Inflation. There\u2019s Just Central Planning"},"content":{"rendered":"<div class=\"article-headline-container\">\n<div class=\"header-content-container\">\n<h3 class=\"fs-headline speakable-headline font-base font-size\"><a href=\"https:\/\/www.forbes.com\/sites\/johntamny\/2021\/10\/24\/theres-no-supply-chain-shortage-or-inflation-theres-just-central-planning\/?fbclid=IwAR2lcIlfJOw5Wz2Xo6WXqAK0WqVKL5KYZ7GVausJlLSsgR3bynSoAkjh3Qo&amp;sh=5e6466f31479\">There\u2019s No \u2018Supply-Chain Shortage,\u2019 Or Inflation. There\u2019s Just Central Planning<\/a><\/h3>\n<\/div>\n<\/div>\n<div class=\"article-body-container show-iframes\">\n<div class=\"article-body fs-article fs-responsive-text current-article\">\n<p>It\u2019s great that so many have copies of Adam Smith\u2019s\u00a0<em>The Wealth of Nations<\/em>, but very unfortunate that so few have read it. The alleged \u201csupply chain\u201d problems we\u2019re enduring right now were explained by Smith in the book\u2019s opening pages.<\/p>\n<p>Smith wrote about a pin factory, and the then remarkable truth that one man in the factory working alone could maybe \u2013\u00a0<em>maybe<\/em>\u00a0\u2013 produce one pin each day. But several men working together could produce\u00a0<em>tens of thousands<\/em>.<\/p>\n<p>Work divided is what enables the very work specialization that drives enormous productivity. If this was true in an 18<sup>th<\/sup>\u00a0century pin factory, imagine how vivid the truth is today. Figure that something as basic as the creation of a pencil is the consequence of global cooperation, so what kind of remarkable global symmetry leads to the creation of an airplane, car, or computer? \u00a0The kind that can\u2019t be planned is the short answer, but more realistically the only answer.<\/p>\n<p>Please keep this in mind as you read media coverage of the so-called \u201csupply-chain disruptions\u201d resulting in \u201cshortages\u201d that are said to be causing \u201cinflation.\u201d If you want a bigger laugh, read about what President Biden wants to do in order to get \u201csupply\u201d back on the market with an eye on replenishing U.S. retail shelves that are increasingly bare. He\u2019s decreed 24-hour port operations! Yes, thanks to the 46<sup>th<\/sup>\u00a0president we now know what held the Soviets back, and ultimately destroyed the Soviet Union: their ports weren\u2019t open long enough; thus the shortages of\u00a0<em>everything<\/em>\u2026<\/p>\n<p>All of the above would be funny if it weren\u2019t so sad. Media members, \u201cexperts,\u201d economists, and politicians don\u2019t even disappoint anymore. To say they do would be to flatter them.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>There\u2019s No \u2018Supply-Chain Shortage,\u2019 Or Inflation. There\u2019s Just Central Planning It\u2019s great that so many have copies of Adam Smith\u2019s\u00a0The Wealth of Nations, but very unfortunate that so few have read it. The alleged \u201csupply chain\u201d problems we\u2019re enduring right now were explained by Smith in the book\u2019s opening pages. Smith wrote about a pin [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[125,7921,426,25594,31091,3237],"class_list":["post-60147","post","type-post","status-publish","format-standard","hentry","category-economics","tag-central-planning","tag-forbes","tag-inflation","tag-john-tamny","tag-supply-chain-disruptions","tag-supply-chains"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60147","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=60147"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60147\/revisions"}],"predecessor-version":[{"id":60148,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60147\/revisions\/60148"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=60147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=60147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=60147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}