The centrally planned economy, Hayek, and the red spot of Jupiter.

THE CENTRALLY PLANNED ECONOMY, HAYEK, AND THE RED SPOT OF JUPITER – via Cold Dark Stars https://colddarkstars.wordpress.com/2017/10/13/the-centrally-planned-economy-hayek-and-the-red-spot-of-jupiter/

Cold and dark stars

Jupiter

After the fall of the Soviet Union, economic marginalists triumphally proclaimed that the market is the only realistic system to manage our complex, global civilization of billions of people.   Although homelessness, vacant houses, starvation and food waste persist, the marginalist will argue that the market is not perfect but that no better alternative exists. Yet, an incoming catastrophe in the form of climate change may pose the question of a democratic and globally planned, socialist economy – after all, it seems self-delusional to think that an economic system made of competing firms and nation-states can respect the planetary boundaries. Global warming was almost entirely caused by the laws of motion of  capitalism, which lead to the wear and tear of bodies and the Earth, given how competition drives firms and nation-states to harvest the cheapest labor and natural resources.  Furthermore, the  fact that the length of the working day…

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