The difference between a market and a central planner is that a market deals efficiently with the problems of uncertain, inexact, and incomplete information. Information is a scarce and disperse resource, and economic development occurs when this resource is used optimally. Speculative markets base their profits on the accurate prediction of price patterns and and have outperformed other prediction alternatives in stock prices, weather, sports, presidential elections, and public policies. Many companies have found applications in this markets by outsourcing policy decision making.
Robin Hanson is an associate professor at George Mason University and…
Nuestra misión es la enseñanza y difusión de los principios éticos, jurídicos y económicos de una sociedad de personas libres y responsables.
Universidad Francisco Marroquín