Hi, Craig -
Optimal economic transactions are impossible to reach--they would require
perfect information & perfectly rational agents.
This is Von Hayek's "great conceit." Free market economics will really start
striding when we join it with evolutionary psychology extended into the
social sphere.
Free markets have the advantage that good economic transactions tend to be
rewarded & bad ones discouraged.
Up to the point of creative destruction. Absolutely. It's an immense
learning and guiding system.
The You-Tube mockumentary was hilarious.
I've almost never seen anything so bad on TV. I could not believe my eyes
how much it got wrong.
MRB
http://www.fuguewriter.com
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