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Re: [Pen-l] Paul Davidson sums up
- To: Progressive Economics <pen-l@xxxxxxxxxxxxxxxxxx>
- Subject: Re: [Pen-l] Paul Davidson sums up
- From: raghu <mraghu01@xxxxxxxxx>
- Date: Wed, 11 Mar 2009 11:13:15 -0700
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On Tue, Mar 10, 2009 at 5:33 PM, michael perelman
<michael@xxxxxxxxxxxxxxxxx> 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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- Thread context:
- Re: [Pen-l] Paul Davidson sums up, (continued)
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