The Soviet experiment showed beyond reasonable doubt that, even with no restriction on authority and compulsion, one could not successfully control an economy. Today, the Soviets are mocked. How could anyone think that you could control an entire economy?

Today people expect the Fed, with limited authority over the monetary base, bank regulations and interest rates, to succeed where Gosplan failed. And they see no contradiction in doing so. Amazing. What is especially amazing is that even Mr Bernanke, who is an economic historian, appears to believe that he can steer the economy. Yet the evidence is clear that government attempts at economic management always increase entropy.