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No doubt markets transmit information in the way that Hayek claimed. But what reason is there to believe that – unlike any other social institution –… - John N. Gray
" "No doubt markets transmit information in the way that Hayek claimed. But what reason is there to believe that – unlike any other social institution – they have a built-in capacity to correct their mistakes? History hardly supports the supposition. Moods of irrational exuberance and panic can, and often do, swamp the price-discovery functions of markets.
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About John N. Gray
John Nicholas Gray (born 17 April 1948) is an English political philosopher with interests in analytic philosophy and the history of ideas. He retired as School Professor of European Thought at the London School of Economics and Political Science. Gray contributes regularly to The Guardian, The Times Literary Supplement and the New Statesman, where he is the lead book reviewer.
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John Nicholas Gray
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John Gray
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Additional quotes by John N. Gray
Though it is often assumed that naturalism must be hostile to religion, the opposite is true. Enemies of religion think of it as an intellectual error, which humanity will eventually grow out of. It is hard to square this view with Darwinian science – why should religion be practically universal, if it has no evolutionary value?
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