diet coke for breakfast


Thursday, December 04, 2003

Posted by Tanstaafl
Economics => Freedom:

"order can can be an emergent property of individual action."

Economists refer to this property of unexpected order as guidance from an invisible hand. It's a strange concept, but when understood by leaders can be used to build policies that are much more effective at promoting public good:
This really hits close to home with me, given that part of my life's work is to persuade regulators and policymakers that their taxis, their planned, top-down order, is suboptimal and not robust, and that a more spontaneous order would result in better satisfaction of "the public interest". And that's a really hard sell, because it means butting up against the desire to control and manage outcomes, which makes people less convinced that outcomes arising from processes that are not controlled and managed can be superior.



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