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Re: [Pen-l] Paul Davidson sums up


On Mar 10, 2009, at 8:33 PM, michael perelman wrote:

Of course, we might ask Hayek what happens when the market makes a disastrous mistake???

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.

Doug
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