3 ms·
I'm a big fan of Hayek, however I don't think he ever discussed what I feel is the strongest argument against state-sponsored central planning - contingency pla
by bsbechtel 11y ago
I'm a big fan of Hayek, however I don't think he ever discussed what I feel is the strongest argument against state-sponsored central planning - contingency planning. When the government decides it needs to be responsible for some basic human need because it is too important to be left up to the free market, such as food security or healthcare, it crowds out alternatives that actually behave as valuable insurance/backups to a primary provider of a given good or service. If/when the government fails at providing something as vital as food or water, there isn't much you can do when the government controls the means of production. If a natural monopoly exists, people are at least free to find alternatives on their own, and thus profit from them, should those managing that natural monopoly fail at their jobs.