One of the articles of faith among libertarians is that people acting in their own best interests results in the most efficient allocation of assets. This has been the bedrock principle that justifies the laissez-faire capitalism we mostly follow. What is interesting is that it is not true, there are times when individual actors making local decisions do not arrive at a global maximum utilization. For those who care about such nerdy things you should look up the Nash Equilibrium. While libertarians may hate the thought there simply are times when central planning is superior to distributed decision making.
Posted on: Mon, 07 Jul 2014 22:18:24 +0000
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