John B Taylor (of Taylor Rule fame) has a nice blog that accompanies his first year macro course at Stanford University in the US. He has just written about a long term example of the efficacy of markets over central planning: Russia now exports grain.
Before the central planning of the Soviet Union Russia and the Ukraine exported grain. Under the Soviet system of giant collective farms, the Soviet Union was forced to import grain due to the economic disaster that was collectivisation. Now, 20 years after the fall of the Soviet Union, Russia is exporting again. How about that?
This blog accompanies the econ101ab Principles of Economics course given at the University of Birmingham. The lecturers for both parts of the course (101a, microeconomics and 101b, macroeconomics) will occasionally post here on matters related to lecture material. We hope to show the relevance of the concepts we are teaching at each stage of the course for helping understand how the world works...
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