Arnold Kling  

Planned vs. Emergent

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Gerald O'Driscoll talks about an important difference between planned systems and emergent orders. (It takes a while for him to get started, so you might skip through the first 8 minutes or so.) Planning works well for institutions with definite, well-agreed goals and finite lifespans. Emergent orders work well when goals are vague or evolving.

That is an inadequate summary, which is why I recommend listening to the talk. Found on libertarianism.org. The talk took place in 1996, and note that he uses Austrian theory to predict, incorrectly in my view, an inflationary bubble in Japan.


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Philo writes:

“[I]ncorrectly in my view”; a rare foray on *your* part into savage irony!

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