Markets Compensate for Ignorance

All for freedom and for pleasure
Nothing ever lasts forever
Everybody wants to rule the world
--Tears for Fears

Prof Williams reminds us that markets compensate for the ignorance built into the human condition. Despite the hubris of bureaucrats who believe that they could plan production and distribution for the masses, the fact is that the task of centrally planning an economy that works is impossible. The complexity is impossible for the human mind to grasp.

Markets are far more capable of doing the job. Why? Because no one single person needs to know all that's necessary to bring the products that consumers want to those consumers. Individuals focused on their local buying/selling situation chain together to get the job done far better than a brain trust ever could.

This, of course, does not stop the brain trusts from trying. And failing miserably.