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Reading Notes September 30th

Reading Notes September 30th - Carter Whittington Jordan...

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Carter Whittington Jordan Radke Soci 415 30 September 2011 Reading Notes 9/30 In summary, McMillan discusses the differences between a market economy and a communist one. He gives several examples to show the difficulties in central planning and, especially, shows how the internet comes into play alongside this idea. He talks about everyone from Einstein to Adam Smith to prove that markets are better than anything else for the simple reason that they mobilize local knowledge. Moreover, McMillan also goes into the role of the state in markets and concludes with his opinion on what the government should actually do based on the collapse of central planning. The strengths of the market and the strengths of the state in terms of their contribution to the economy are also talked about in this article. They include, but are not limited to, an increase in efficiency and flow of information, setting the right prices, and ensuring that the proper amount of each good is available based on supply and demand. With central planning, such an
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