Before we appraise the modern fetishism called Faith in Blind Markets(FIBM), it is essential that we cover theolder fallacy of GAR, or guided allocation. This notion contends thatsociety’s best, brightest and wisest should decide how capital will be invested, which goods will be produced, and who will work at what tasks.
To those who were raised in the 20th Century, this description surely sounds likesocialism. But that is a narrow and parochial view of GAR. A glaring logical and historical fallacy. An absurdity, in fact. (As a test of your own flexibility and sagacity, stop here and ponder for a moment why I call this reflex association preposterous. Why do I say that socialism is NOT the foremost or exclusive exemplar of guided allocation? Think "history" and stretch your assumptions a bit, before reading on.)