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May 07, 2010
Planning vs. The Coordination of Plans
A letter to National Geographic that apparently will not be published: Subject: Re: "The Singapore Solution" Dear Editor, The January 2010 article by Mark Jacobson on Lee Kuan Yew and Singapore’s economics success was very illuminating. I would like to clarify one point however. While it is true that Singapore’s solution was “all in the plan,” what was so important about what Yew did was he recognized that my economic plan plus your economic plan does not have to equal our economic plan. In other words, he created an environment that allowed for considerable economic freedom. According to the 2009 Economic Freedom of the World Report published by the Fraser Institute (of which I am affiliated), Singapore has been among the top five most economically free countries since 1980. Singapore’s economic success might be the result of planning, but it is a planning that respected the importance of individual entrepreneurship, freedom, and creativity in economic affairs. Sincerely, Joshua Hall Posted by Joshua Hall at 03:48 PM
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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