Of course, we might ask Hayek what happens when the market makes a
disastrous mistake???
Jim D's point about keeping the public involved is important -- but that
will only work after we get a democratic media, without the red meat
radical wing nuts.
raghu wrote:
The key question is how do you protect society when a central planner
makes a disastrous mistake? I believe this was Hayek's big argument
against socialism (at least the central planned variety) and I have to
say I have never seen a good rebuttal.
--
Michael Perelman
Economics Department
California State University
Chico, CA
95929
530 898 5321
fax 530 898 5901
http://michaelperelman.wordpress.com
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