Question
In The Use of Knowledge in Society Hayek maintains that the price system does a better job of using local, particular knowledge and adapting to
In "The Use of Knowledge in Society" Hayek maintains that the price system does a better job of using local, particular knowledge and adapting to changing circumstances than central planning. Since circumstances are are changing and knowledge is local and particular, the price system does a better job at of satisfying human preferences than central planning.What are the ramifications of this argument for the current pandemic?On April 3rd, in response to Covid-19, Andrew Cuomo, the Governor of New York, issued an executive order that allowed the state government to seize medical equipment and transfer it to the hospitals that need it.Given his argument for the price system, do you think that Hayek would have opposed Cuomo's order?Why or why not?
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