Solid point.  Hard to rebut.

An interesting topic to me is what the "right" level of organization is.  The ecosystem is not just a bunch of single-cell organisms transacting with (or against) each other; it aggregates at multiple levels.  Multiple-cell organisms abound.  Coase's theorem frames it in terms of transaction costs.  And I think we've seen that tech increases the allowable complexity / the carrying capacity, even if bullshit jobs emerge.  

So whatever the size and scope of government should be, clearly it's different now than 50 years ago, right?  But what is it?

elvismercury

bitcoin

_Broken Money_ book club, part 4

A good example of why Hayek's quote is as apt as ever is the U.S. central bank. Of course Powell famously got "transitory inflation" wrong,  but that bad call was just one example of how central banks have no ability to predict the economy, much less intervene in a useful way. The forecasts are never accurate, despite all of the information available to them in our technologically advanced world. Yet the MSM covers these stabs in the dark as if they are papal decrees.