raghu wrote:
But who can step in if the central planner screws up?? Seems to me there is a fatal flaw here.
Charles Sable has some interesting ideas about this problem, or what I think is a closely related problem. He has been developing the idea of "pragmatic collaborations" which are based on mechanisms that use benchmarking, simultaneous engineering, and root cause error correction. Such mechanisms are contra-Hayek because they can give rise to "learning-by-monitoring," and collaboration takes place without the need for a clear division of property rights.
An early statement of this idea can be found here: http://www2.law.columbia.edu/sabel/papers/Design.html _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
