Profits and rising stock prices in a system of economic nationalism and cronyism reflect the satisfaction of the desires of those with political power.
As Hayek long argued, a free society is governed by general, abstract rules that are equally applicable to all persons, including government actors.
There’s more to travel than the sticker price of different ways of getting from point A to point B.
Are interest rates not prices? And if so, should they not be discovered instead of imposed?
Because the Cajun Navy consists of local volunteers who operate “on the ground” (or above the ground, on the water), they have access to local knowledge that other entities do not. Economist F.A. Hayek’s claim that knowledge is both dispersed and specific to time and place requires that we consider how various institutional structures are able or unable to make use of knowledge.
For more Hayekian insight into the extent and constraints of human knowledge be sure to read Hayek’s seminal work, “The Use of Knowledge in Society” (pdf).