Rory Sutherland Rory Sutherland

The Wiki Man IT’s not all that

One argument levelled against command economies by people such as Hayek is that, without the information contained in market prices, it is almost impossible to allocate resources efficiently. In other words, there can be no ‘from each according to his abilities, to each according to his needs’ without some price mechanism to reveal what those abilities and needs might be.

issue 12 February 2011
GIF Image

Disagree with half of it, enjoy reading all of it

TRY 3 MONTHS FOR $5
Our magazine articles are for subscribers only. Start your 3-month trial today for just $5 and subscribe to more than one view

Comments

Join the debate for just £1 a month

Be part of the conversation with other Spectator readers by getting your first three months for £3.

Already a subscriber? Log in