gmallast Wrote:
Jan 02, 2013 12:57 PM
We need to emphasize Hayek's laws of dispersed knowledge and spontaneous order much more. The knowledge to make the economy work is dispersed over the entire population. The vast majority of it cannot be collected in one place although the free market allows everyone to take advantage of it without learning it. On the other hand, government regulators are systemically ignorant as, without having to make economic decisions based on the knowledge of their own peculiar circumstances like, well, everyone in the economy--decisions they themselves have to bear the consequences of, the regulators do not have access to the knowledge they need to regulate. They are unavoidably clueless.