—about technological possibilities,
about citizens’ preferences,
about the interconnections of these,
about still more—
is inevitably and thoroughly decentralized,
the centralization of decisions is bound to generate errors and then fail to correct them.
The consequences for society can be calamitous,
as the history of central planning confirms.
That is where markets come in."
"All economists know
a system of competitive markets
is a remarkably efficient way
to aggregate all that knowledge
while preserving decentralization "
---------------------------------------
"it would be perverse to read the history, as of 1944 or as of now,
as suggesting that the standard regulatory interventions in the economy have any inherent tendency to snowball into “serfdom.” The correlations often run the other way."
superbly apposite
butviniki
" Sixty-five years later, Hayek’s implicit prediction is a failure,
rather like Marx’s forecast of the coming “immiserization of the working class.”
whoops
why the recent history suggests marx had a hold of something there
the"earnings of our bottom half are shrinking and have been shrinking
on and off
for thirty years
