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Tuesday, August 18, 2015

Capitalists Have a Better Plan


Why Decentralized Planning Is Superior to Bureaucracy and Socialism

  • ROBERT P. MURPHY | 
  • To early 20th-century intellectuals, capitalism looked like anarchy. Why, they wondered, would we trust deliberative, conscious guidance when building a house but not when building an economy?
    It was fashionable among these socialist intellectuals to espouse “planning” as a much more rational way to organize economic activity. (F.A. Hayek wrote a famous essay on the phenomenon.) But this emphasis on central planning was utterly confused both conceptually and empirically.
    Ludwig von Mises made the most obvious rejoinder, pointing out that there is “planning” in the market economy, too. The difference is that the planning is decentralized...

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