Has anyone ever tried to measure the speed of the free market, compare it to the speed of other solution mechanisms like central planning?
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My assumption in any discussion is that setting robustness/completeness aside, markets are slower than alts at first, but faster later?
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..but I don't know of any empirical studies of actual speeds in reasonably comparable situations.
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problem with question is speed toward what? Planning presupposes goals but markets don't.
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. Let's just say speed to a market "outcome" that makes the planned solution/goal moot.
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. compare the speed of a linear growth curve to an exponential for example. There's a crossing point
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the speed of market response to announcements of new information is well studied. Want some references.
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I would imagine that the speed is higher with central planning, whereas free market ensures the right direction is found much faster




