Re: Why The Worst Get on Top in Economics - http://therealnews.com/t2...
Jun 16, 2014
from
"Hayek was not a monetarist or believer in efficient markets so very far away from the Friedmanites. I don't think you can just turn the market on and off at will e.g. when you turn off market prices you always get either a glut or shortage because you have turned off information. This is why socialised health systems (fixed prices) always have waiting lists (low quality service) for the poor - the rich can always buy high quality healthcare. The rich can always buy a place at a good school while there always seems to be a shortage of places at good schools for the poor.
If you learn anything from Hayek it is that there are massive dangers to market tampering that hurt the poor far more than the rich. If you want to help the poor give them some money or vouchers or build some infrastructure, don't rob them of the benefits of spontaneous market order driven by the vast information compressed into prices.
Hayek for beginners: http://www.amazon.com/The-Pric..."
- Adrian