Sub-subsidiary: "You seem to miss the point. If efficient allocation of resources depends on "satisfying rapidly evolving demand trends", on what basis can you make long-term forecasts of resource availability?"
"Well, the fact of the matter is that those resources are out there in the ground. The question is how best to extract them so that we can create jobs and prosperity. "The fact is that centralized planning has been conclusively proved much less effective in anticipating and allocating resources than the market. It is not humanly possible to anticipate every possible fluctuation in demand - and fluctuations there will inevitably be as a consequence of our dynamic and vital global economy - but the workings of the market represent the best possible mechanism for resolving these with maximum efficiency within the shortest possible time. "I realize that a quasi-ideology of total regulation has become rather fashionable. I'm sure this type of 'pure theory' is not without its charms in certain intellectual circles, but the fact is that heavy-handed government intervention will handicap market efficiency extremely severely. In practical terms, any policy maker who goes down that road is irresponsibly putting the jobs, well-being and livelihoods of his citizens at great risk."
"The fact is that centralized planning has been conclusively proved much less effective in anticipating and allocating resources than the market. It is not humanly possible to anticipate every possible fluctuation in demand - and fluctuations there will inevitably be as a consequence of our dynamic and vital global economy - but the workings of the market represent the best possible mechanism for resolving these with maximum efficiency within the shortest possible time.
"I realize that a quasi-ideology of total regulation has become rather fashionable. I'm sure this type of 'pure theory' is not without its charms in certain intellectual circles, but the fact is that heavy-handed government intervention will handicap market efficiency extremely severely. In practical terms, any policy maker who goes down that road is irresponsibly putting the jobs, well-being and livelihoods of his citizens at great risk."
I think I'm gonna demand a private jet as well. The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
