- Banned
- #1
You are the crisis.
All of the above very neatly explains why free, unfettered markets correlate so well with positive economic outcomes. Market signals are arrived at through the combined genius of tens of thousands, millions, and billions of human beings.
At the same time, it hopefully also explains why central planning always fails in miserable fashion. It’s not that there weren’t intelligent people running some of the Iron Curtain countries of the late 20thcentury, and it’s not that those in power didn’t avail themselves of expert opinion at times. The problem then was that individual genius, no matter how substantial, couldn’t come close to measuring up to the combined knowledge of the masses of people who make up what we call a market.
All of the above very neatly explains why free, unfettered markets correlate so well with positive economic outcomes. Market signals are arrived at through the combined genius of tens of thousands, millions, and billions of human beings.
At the same time, it hopefully also explains why central planning always fails in miserable fashion. It’s not that there weren’t intelligent people running some of the Iron Curtain countries of the late 20thcentury, and it’s not that those in power didn’t avail themselves of expert opinion at times. The problem then was that individual genius, no matter how substantial, couldn’t come close to measuring up to the combined knowledge of the masses of people who make up what we call a market.
