View source for How Hayek’s Evolutionary Theory Disproves His Politics/hierarchy
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<!-- you can have any number of categories here --> [[Category:Sam Bowles]] [[Category:Friedrich von Hayek]] [[Category:Markets]] {{Quote | text = [T]he market, as Hayek says, processes information and on that basis, determines, for example, the best way to organize production. But applying this logic shows that hierarchical economic planning may not be such a bad thing at least when combined with markets. The boundary of the firm -- how big it will be -- is determined by the answer to the question, should this component be produced inhouse or purchased? But this is also the boundary between organizing things according to the market or according to the hierarchical structure of command that has led capitalist firms to be termed (ironically) as ‘mini-planned economies.” The ‘verdict of the market’ in this case is that both markets and hierarchies have a place in the economy! | cite = [[Sam Bowles]], "{{Link |How Hayek’s Evolutionary Theory Disproves His Politics}}" }}
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