Sarah Paine

But people didn't know, and I gave you the CIA ones, where the CIA, they're not stupid people.

They've got the best data they could find, and they're coming up with 20% of the Soviet budget is probably devoted to the military.

Then after the Cold War is over, they're going, whoops.

We missed at least double that and maybe triple.

So it's really hard to know, even with the statistics you're getting.

Certainly what Paul Samuelson had wouldn't be accurate.

It's just a guess.

Oh, and just the whole waste of it.

Like the heavy TVs, they probably have four times the inputs that they need to make them that would be good for other things.

Yeah, it's this notion that you can actually plan an economy.

Prices are a miracle.

It's good old Adam Smith, the magic hand, right?

Or the invisible hand, that was what it was.

That prices are the way to go and markets, it's more efficient.

Oh, yeah.

Well, it's interesting on the development thing.

So, the communists have insisted on heavy industry.

That's the thing that they want.

Forget about the consumer goods.

If you look at the countries that really have made it, like Japan and the Meiji Restoration, they're doing a lot of light industry and consumer goods.