Central guidance/steering isn’t “central planning” (both Hayek and Adam Smith saw this). It’s more like steering a ship and regularly adjusting to changing conditions and observed effects). We must use what is foreseeable to prepare prudently for what isn’t.
Unbounded Rationality & Its Consequences
We should know that we can’t know it all. Yet the results of using the opposite idea, of “unbounded rationality,” are widely influential (usually farcically mixed with asymmetrically applied “unintended consequences”). Here’s why neither sports nor markets need “less regulation”: