Since people are flawed mistake makers, the question becomes
what institutional arrangements are best conducive to good
decision-making by people and minimizing mistakes by people?
What institutional arrangements best allow mistakes by
people to be corrected by people? I think theory and history
argue in favor of markets as opposed to the alternatives on the table.
Neither I, nor Hayek, nor anybody I take seriously, believes
markets inherently produce a Panglossian result. All that
we believe is that markets produce better results than the alternatives.
David Shemano
^^^^^^^^^
CB: What is your evidence that markets produce
better results than the alternatives ?
And for whom are these better results
produced ?
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