Economics, as a branch of the more general theory of human action, deals with all human action, i.e., with mans purposive aiming at the attainment of ends chosen, whatever these ends may be.--Ludwig von Mises
Sunday, March 14, 2010
A Complex Economy
Imagine the Rube Goldberg machine as a complex modern economy.
How many of you think this worked the first try? And how many "unforeseen circumstances" still remain within the mechanism? Is it appropriate to believe the economy can be managed efficiently?