Thursday, June 28, 2012

Lack of Omniscience is a Reason to Support Free Markets

In a great article on education published at today, author David Greenwald includes an insightful point about knowing exactly how the free market would work in any particular area, as skeptics and critics often demand to know. End government intervention in healthcare? Exactly how does the market do healthcare? No government education? What specifically is it replaced with?

However, their questions are actually a case against the central planning they support!
We do not have space here to speculate on all the optimizing innovations creative entrepreneurs might come up with, and to do so would be presumptuous in any case. As John Hasnas has pointed out, if we could forecast the future market accurately, our very ability to do this would be the greatest possible justification for central planning.

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