The failure of central planning
Mar 07, 2014
12:13 PM EDT
|What Mr. Keller is describing is the normal insanity of central planning.
The bureaucrats must justify their existence in the face of something that doesn't need them, "The Internet". They cannot admit their impotence, they cannot admit their ignorance, and worst of all they cannot leave well enough alone.
Because of the distributed knowledge problem that central planners will always have, anything they do must be based upon simplified models which do not, and cannot, reflect actual reality.
Yet their decisions are based upon these falsehoods, propped up by equally myopic and unknowing (yet so very authoritative) advice of "experts" who themselves operate on yet more simplified and thus false models.
This is why central planning is always inefficient, and usually actively destructive.
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