Boudreaux on Keynes

quotes complexity emergence dispersed knowledge

12 Aug 2015

Don Boudreaux on Keynes and Hayek:

On the other hand are people who understand the innovative market economy to be an emergent order whose all-important details are unfathomably complex and ever-changing; it’s an order the logic of which can be grasped but the concrete details of which remain out-of-reach to any single mind or committee of minds. This economy can be superintended successfully by no one, and interfering in its operation entails the unleashing of unintended and impossible-to-trace negative consequences.

To summarize even more succinctly: the simplistic fantasies of Keynes contrast with the serious science of Hayek.

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