Triumph of Markets

From Zanecorpwiki

2011-05-20

In general terms, the idea of "markets" have won the day over "planned economies". Yet, it should always be remembered that this was not obvious. Those that argued for alternative systems were not foolish nor blind. They had many good arguments and many reasons to be skeptical of markets.

By the same token, we should not fall into the trap of thinking the struggle is done. It's clear we can say that for this stage of development, market based approaches should be the rule of thumb. Competition, and not design is where it's at. For the most part.

But to think that the issue is closed is silly. It's like saying a gas powered car is clearly better than a horse drawn carriage so you shouldn't bother doing any transportation research ever again. Current economic "best practices" are "best" in terms only of the current time and place.