The chief insight gained by modern economists is that the market is essentially an ordering mechanism, growing up without anybody wholly understanding it, that enables us to utilize widely dispersed information about the significance of circumstances of which we are mostly ignorant. However, the various planners (and not only the planners in the socialist camp) and dirigists have still not yet grasped this. Frederick Hayek -- “Coping with Ignorance,” (1978)
Posted on: Wed, 01 Oct 2014 22:12:45 +0000
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