Wednesday, October 16, 2013

The Obamacare Rollout Debacle Is A Hayekian 'Teaching Moment' - Forbes

The Obamacare Rollout Debacle Is A Hayekian 'Teaching Moment' - Forbes: "Hayek died in 1992, on the cusp of the World Wide Web and the explosion of the Internet, which has transformed our economy and our individual lives profoundly.  In one of his last interviews with Forbes magazine shortly before his death, Hayek was asked whether the rapid advances in technology and computing power made economic management—planning and regulation—more feasible.  Hayek was emphatic that no matter how big and how fast our computing power got, it did not change the fundamental defect of all centralized economic control: the problem is not simply mastering or processing a large amount of raw data.  Information and circumstances change too quickly.  More fundamentally, the data necessary for centralized decision-making is not available at all."

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