simplicio comments on Rationality Quotes February 2013 - Less Wrong

2 Post author: arundelo 05 February 2013 10:20PM

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Comment author: simplicio 07 February 2013 03:15:03AM 9 points [-]

It is important, therefore, to always maintain a balanced view of markets. There is something extremely elegant about the way they allocate goods and resources, and the way the price system automatically adjusts the system of production in response to changes in demand. There is a clear sense in which markets achieve a level of coordination and efficiency that no other form of social organization is able to provide. However, markets are not magical, and they will not solve all our problems. They work properly only under very specific institutional conditions.

(Joseph Heath, The Efficient Society)

Heath is an excellent writer on economics/philosophy.