Re: UKNM: More overvalued stocks

[Clay Shirky]

> 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.


-clay 

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