No doubt markets transmit information in the way that Hayek claimed. But what reason is there to believe that – unlike any other social institution – they have a built-in capacity to correct their mistakes? History hardly supports the supposition. Moods of irrational exuberance and panic can, and often do, swamp the price-discovery functions of markets.
John N. GrayRelated topics
believe correct doubt exuberance history institution irrational panic reason supposition way built-in HayekRelated quotes
When our founding fathers put their signatures on the Declaration of Independence, those 56 brave people, most of whom by the way were clergymen, they said that we had certain inalienable rights given to us by our creator, and among these life, liberty and the pursuit of happiness, life being one of them. I still believe that.
Mike Huckabee
All we have to believe with is our senses, the tools we use to perceive the world our sight, our touch, our memory. If they lie to us, then nothing can be trusted. And even if we do not believe, then still we cannot travel in any other way than the road our senses show us and we must walk that road to the end.
Neil Gaiman
The chief reason warfare is still with us is neither a secret death-wish of the human species, nor an irrepressible instinct of aggression, nor, finally and more plausibly, the serious economic and social dangers inherent in disarmament, but the simple fact that no substitute for this final arbiter in international affairs has yet appeared on the political scene.
Hannah Arendt
Collaboration is important not just because it's a better way to learn. The spirit of collaboration is penetrating every institution and all of our lives. So learning to collaborate is part of equipping yourself for effectiveness, problem solving, innovation and life-long learning in an ever-changing networked economy.
Don Tapscott
In the digital universe, our personal history and its sense of narrative is succeeded by our social networking profile - a snapshot of the current moment. The information itself - our social graph of friends and likes - is a product being sold to market researchers in order to better predict and guide our futures.
Douglas Rushkoff