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Subject: Re: UKNM: More overvalued stocks
From: Clay Shirky
Date: Wed, 28 Jul 1999 11:02:20 +0100

> The whole point of the market is that is based on incomplete information
> and time. Given this the market is far more inefficient at producing
> resources and distributing them through the price system than state
> control can ever be.

The market is the most efficient mechanism going for producing and
distributing resources - in particular it is vastly more efficient
than state control.

Every country which has tried centrally planned economies has either
devolved into totalitarian kleptocracy or collapsed outright. (There
was a spot of bother about all this in 1989 - I'm surprised you missed
it, it was in all the papers.)

If you take a look at GDP per person across the 175 countries or so
covered by the latest UN report on Human Development, you will find
that countries with high GDP have one of two things - market
economies, or oil.

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  Re: UKNM: More overvalued stocks, Steve Mynott

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