Re: Participatory Planning

[HERBERT GINTIS <gintis@xxxxxxxxxxxxxxx>]

Barkley Rosser writes:
>     Hayek certainly did pinpoint certain serious problems with
>command socialist central planning.  But in a nonlinear dynamic
>world of multiple equilibria (am I broken record or what?), his
>evolutionarily self-organizing markets may be distinctly sub-
>optimal by any measure, and not immune from "coordination failures,"
>indeed are wide open to them.

	His notion that the state is irrelevant at best to economic
performance was of course, and quite clearly, wrong. But this is true
for many reasons, of which multiple equilibria is wrong. I don't see
how this invalidates the evolutionary approach to economic dynamics,
however. This remains an important thread of research, IMO.

Herb gintis@xxxxxxxxxxxxxxx