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Quotation of the Day…

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… is from page 95 of the 2016 Mercatus Center re-issue of my late colleague Don Lavoie’s superb 1985 volume National Economic Planning: What Is Left? [2]:

unknownBut the same lack of knowledge on the part of any single person or organization which makes it impossible for comprehensive planning to replace the market also makes it irrational for a non-comprehensive planning agency to try merely to “guide” the market.  If the guiding agency is less knowledgeable than the system it is trying to guide – and even worse, if its actions necessarily result in further undesired consequences in the working of that system – then what is going on is not planning at all but, rather, blind interference by some agents with the plans of others.

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