michael perelman wrote: >> Of course, we might ask Hayek what happens when the market makes a >> disastrous mistake???
Doug Henwood wrote: > The market can't make mistakes. It represents the collective wisdom of > millions of dispersed actors and is therefore smarter than any of us. Just > ask Alan Greenspan about why house prices weren't in a bubble in 2005. the problem, of course, is that the government messed it all up by refusing to force the entire world into the strait-jacked of One Big Market. Just one single market imperfection can have a "butterfly effect" causing a massive financial melt-down. (You'd think the god-like Invisible Hand would fix that. But it must of dropped the ball.) -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
