glyph 492: economics, politics ... designed orders, spontaneous orders, extended orders, freeorder . kinds of order ... complexity and the fatal conceit of comprehensive oversight ... GDP is not the whole of the economy ... dangers of statistical aggregation ... value of Hayek's "structure of production" models ... sources of economic, financial, catastrophe . history of financial crisis of 2007 to 2009 (a span that lengthens) ..... published by The Cobden Centre (devoted to honest money and social progress) ... Sean Corrigan is Chief Investment Strategist for Diapason Commodities Management, Lausanne, London
"Bastiat's Iceberg," is a fascinating article on economic crisis, recommended by The Cobden Center (for honest money and social progress).
Toby Baxendale, at The Cobden Center, on 21 December 09: "Sean Corrigan of Diapason Commodities Management packs more sound applied economics into this report than ever."
June 23, 2019: The link to the report on the Cobden Center disappeared, but with the author's permission the article has been put here.
Baxendale's summary & commentary
Corrigan, on planners and entrepreneurs (from the article):
In their Olympian disdain for the little man whose very breath they nonetheless now yearn to regulate, they are congenitally oblivious to the truth that the World can thrive without them: that, absent their heavy-handed interference, its form is highly articulated, intrinsically adaptable and yes partly redundant, but therefore gratifyingly robust.
These Planners who so plague our modern lives are all, at root, ch‰teau generals, arraying their coloured counters in textbook fashion in the sandbox; serenely isolated from the mud and gore at the front; disastrously behindhand in their decisions; hopelessly divorced from the harsh realities of the fray all failings which, of course, do not discourage them in the least in their pretence at deciding the destinies of the many.
The shrewd commander of the storm-troop, by contrast, is ever alert to the fact that the 'want of a nail' is emblematic of military failure and so remains conscious of the importance of logistics of the necessity for the smooth functioning of that extensive rear-area 'Tail' ... to the delivery of combat power by the armed 'Teeth' in the battlezone. He also lives by the dictum contained in von Moltke"s lapidary phrase that 'no plan survives first contact with the enemy' and so knows that there is always a need for hands-on officership, for what we might usefully call an 'entrepreneurship of war'.
If even the starchy Junkers of the Prussian army could learn to delegate as much responsibility as possible right down to men with their noses in the dirt a doctrine known as 'Auftragstaktik' why is it that, in civilian life, a drearily intrusive economic prescriptivism has been able to live so far beyond its many failures in the crucible of history?
Bastiat's Legacy, by Jörg Guido Hülsmann
The Cobden Centre: for honest money and social progress
December 25, 2009; edited/updated September 11, 2019