2 ms·
This article mentions a lot of things that "might" or "may" happen, without really any convincing arguments for why these predictions will come to fruition. It'
by jkingsbery 8y ago
This article mentions a lot of things that "might" or "may" happen, without really any convincing arguments for why these predictions will come to fruition. It's true that dictators make use of centralized knowledge, but it's also true that many of the assumptions of market capitalism assume perfect knowledge and no transaction costs, two assumptions which have never been true in practice but today are much more applicable (knowledge is faster to attain, and transaction costs are smaller today and more directly measurable). So, it seems just as likely to me that markets could be on the verge of being more useful mechanisms than ever.