Phil and Steve pick up from last week’s discussion about the merits of central planning. Last time they talked about how big companies, like Walmart in the US, plan centrally, yet free marketeers have a problem with that sort of coordination being applied to the free market. This week Phil asks how you can ensure that government planning can ensure resources are allocated effectively. For example, isn’t there a risk that you’ll use raw materials and labour to satisfy the wants of the very rich, before you have met the needs of the very poor? How do we arrive at a hybrid approach that works?
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