alt Hacker NewsIt's optimizing for something, but ultimately, markets can also be outcompeted by central planning in some sectors.
I view the market more as playing the role of a modern God, something that "works in mysterious ways" and is "omnipresent, omnisapient, and benevolent". Not something we would dare to question, because it’s way too complicated for our little minds to understand. Instead we just need to believe in it.
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bluGill • today at 1:30 PM
That objection applies to the other options as well. Believe in...
I like the market because it lets me make more choices of my own. I don't like zoning codes because too often they are placing restrictions that restrict freedom for some value that isn't objective.
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admjs • today at 1:50 PM
What's an example where central planning outcompetes the market?
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The way you say "outcompeted" makes it seem like you're evaluating efficiency in both cases, but isn't direction the more important criteria?
It doesn't really matter if a car without a steering wheel can be faster than one without on account of being lighter. One is going where you want it to, and the other is crashing into things.
The economy, as we're practicing it today, is a car without a steering wheel.