Incomplete Information - "You Don't Say"

The President defended his imprecise forecast for how high unemployment rates would go by saying words to the effect that "We had incomplete information." I was stunned at the admission. I wondered if he knew he was using Hayek's words for describing the reason why governments successfully organize economies. His case was built on the simple, brilliant insight that there is too much information, most of which governments do not have access to - governments always have incomplete information.

For more, google "The Fatal Conceit." This is a great, simple, short read and really tells all that is needed to know about why government organization of the affairs of men will always fail.