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Politics : American Presidential Politics and foreign affairs
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To: DuckTapeSunroof who wrote (38543)11/13/2009 5:12:34 PM
From: TimF  Read Replies (1) of 71588
 
Because Adam Smith's "Invisible Hand" CANNOT FUNCTION as the highest/best allocator of resources WITHOUT market participants having as close to "perfect knowledge" as is possible.

False. It functions in the best possible way under simplified perfect competition and total knowledge assumptions, but its almost always the best way to go even in the more complex real world. Most of the weaknesses it has when you have imperfect knowledge and/or competition are shared by any alternatives, and the alternatives add their own problems to boot.
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