[Pen-l] Re: Paul Davidson sums up

[Michael Nuwer <nuwermj@xxxxxxxxx>]

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
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