Saturday, January 31, 2009

Markets Don't Plan any Better Than Planners

From The Economist:

The monument to Soviet central planning was supposed to have been a heap of
surplus left boots without any right ones to match them. The great bull market
of the past quarter century is commemorated by millions of empty houses without
anyone to buy them. Gosplan drafted workers into grim factories even if their
talents would have been better suited elsewhere. Finance beguiled the bright and
ambitious and put them to work in the trading rooms of Wall Street and the City
of London. Much of their effort was wasted. You can only guess at what else they
might have achieved.

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