Hayek's assumption is that political power is neither limited in scope, restricted in authority, responsible in operation, nor co-operative and decen… - Herman Finer

To get competition among firms with large capital — how is that possible? Only by setting up competitors who have interesting ideas and good projects and yet may not accumulate the necessary capital before they die. This means that to maintain competition the government planner for free-for-all competition must provide or guarantee credit to would-be competitors. To anybody? If he does not take anybody but chooses his particular people, it would set up a rising howl throughout the land; while if he did not choose among them, there would be a great many failures, and charlatans would run the government into bad debts. If he selected the creditors, by what criterion would he choose? It would have to be a guess that they were good competitive material in some particular line of business. And here Hayek's own planner would have to make distinctions between persons jar particular objects — which he said was against natural law. It is to such absurdity that the insensate attachment to unmitigated bigotry is bound to lead.

If the champions of an economic and political delusion were its only victims, we could with a little charity leave them to their rude awakening. But in democratic countries delusions may become public policies, supported by power, and hungry for domination even at the cost of subverting democracy.

Hayek cannot see how, in a planned state, groups can settle their differences over the course to be followed when, the state is to undertake various business projects. He pretends that in this case it is necessary to leave it to "the discretion of the judge or authority in question" to decide what is "fair and reasonable." This again is hypothetical. The solution depends on how the law of the plan is constructed, and the ability and state of mind of the negotiators in parliament, in the courts, and in regulatory bodies such as the Tariff Commission, the Interstate Commerce Commission, the Federal Communications Commission, and the Securities and Exchange Commission, which are solving problems and building up important experience. But principally it depends on nationwide debate conducted over the course of years, assisted by the sifted results of scientific research and experience. The plan, such as it is, emerges from the majority; and only that emerges from the majority which the majority can thereafter operate. That is the answer to Hayekian obscurantism.