On Tue, Mar 10, 2009 at 5:33 PM, michael perelman <[email protected]
> wrote:
> Of course, we might ask Hayek what happens when the market makes a
> disastrous mistake???
>
> 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.
>>
>
I suspect Hayekians do not have a good answer to that. ('Liquidate!
Liquidate!' is not a good answer.)
A more reasonable answer is that it is the government's role to step in when
markets make a disastrous mistake.
But who can step in if the central planner screws up?? Seems to me there is
a fatal flaw here.
-raghu.
--
Never get into fights with ugly people, they have nothing to lose.
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