From Competition as a Discovery Procedure:
"A high growth rate is more a sign of of bad policies in the past than of good policies in the present."
Compared with the totality of knowledge which is continually utilized in the evolution of a dynamic civilization, the difference between the knowledge that the wisest and that which the most ignorant individual can deliberately employ is comparatively insignificant. ~Fredrich Hayek in The Constitution of Liberty
Compared with the totality of knowledge which is continually utilized in the evolution of a dynamic civilization, the difference between the knowledge that the wisest and that which the most ignorant individual can deliberately employ is comparatively insignificant. ~Fredrich Hayek in The Constitution of Liberty
2 comments:
I don't think I understand. Is he just saying the repeal of bad policies is better than the creation of new good ones? Or is he saying that the high growth rate is just a sign of that economy getting to where it would naturally gone without being hamstringed --like a cork rises with the tide, but rises faster after being forced underwater?
The second one.
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