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Replying to Avatar Michael Matulef

Having a plan can indeed be beneficial in many aspects of life, but when it comes to economic systems, the perspective differs. Central planning is hubristic - no group can possess enough knowledge to efficiently allocate resources across an economy. The free market's price system provides a decentralized mechanism for gathering and transmitting necessary knowledge. Competition and free exchange incentivize local knowledge and adaptation. Economic planning disrupts this emergent order by overriding market signals with coercive state power. The conceit that central decision-making is superior reflects a faith in coercion and disdain for individuals' dignity to choose. Spontaneous order harnesses more knowledge than any top-down scheme. It's not a matter of "no plan" but rather decentralized planning by countless actors, which can often lead to more efficient resource allocation and innovation compared to centralized planning in socialism.

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freeborn | ἐλεύθερος | 8r0gwg 2y ago

"What cannot be known* cannot be planned." - Hayek

*namely, an individual's dynamic complex of wants and ends in each successive moment in the marketplace

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