3min chapter

The LRB Podcast cover image

The Hayek Puzzle

The LRB Podcast

CHAPTER

The Problem With Markets

Hayek argued that anyone who tries to make an economic plan is bound to get it wrong because they can never know enough. He said the market through this self-organizing way knows more than a plan account. The wonderful thing about markets according to Hayek and I think he has a point is that they are infinitely adaptable.

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