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Comment by _delirium | Hacker News Reader

I'm not sure this random collection of quotes is a great starting point for a discussion as broad as what "capitalism is". Especially quotes that come in an election year from a non-economist mainly famous for his GOP activism.

If you do want an argument in favor of the information-aggregation view of markets, and what is required for them to work in practice, F.A. Hayek provides a better analysis.

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Some places to start:

The Use of Knowledge in Society: http://www.econlib.org/library/Essays/hykKnw1.html

Economics and Knowledge: http://www.econlib.org/library/NPDBooks/Thirlby/bcthLS3.html

To what degree are Hayek's theories proven by scientific studies?

In what manner does F.A. Hayek incorporate our contemporary social, physical, ecological, engineering, and systems science and technologies into his theories?

Any field which purports to scientifically guide the operation of the planet must integrate these sciences and technologies.

Economics is more philosophy, speculation and faith than it is science.

Thanks, have you found that Hayek incorporates technology and the flow of technological knowledge? I'd love to see a ref on that. I recommend checking out the book The Origin of Wealth as one ref that has a nice coverage of tech/knowledge in a behavioral economics context.

The form and the substance of this piece are characterized by bits and pieces of ideas and 'analyis' that are neither here nor there. So I agree with you. Also recommend adding Coase as a complement to your suggestion of Hayek.

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