BG Prior made a number of comments on my Austrian Economics and RFID
A few comments by me.
I don't see why the imprudent are more deserving of our intervention than the prudent?
I don't think Capitalism rewards the prudent and imprudent, it rewards the lucky and punishes the unlucky.
As I have said elsewhere, I am on the side of the "runts".
You're proposing the replacement of markets by computerised economic planning, aren't you?
I am suggesting that this is already happening, that is its taking place in the private sector just as much as the public sector. In fact, it's being pushed by private companies who as institutions - unlike banks - have no intrinsic desire to see "free markets." While I have some real reservations about privacy, I don't thing this is a bad thing.
Austrians are betting that, on the whole, (a) he will guess what will increase his utility more often, more accurately than would a government-agent or computer making the choices for him, and (b) that even if he were so useless that an agent could make better choices for him, he would value his freedom sufficiently to prefer to make his own mistakes than have them made for him.
This may or may not be true. It's a metaphysical rather than a scientific statement.
Personally I think markets are destructive of happiness and the environment. They tread on families and create false ideas about status and wealth.
Once the world can been organized in such a way - by IT if necessary - that everyone is fed, clothed, housed, given medical treatment, and access to education in a sewage-free sustainable world ecology. If all that can happen, I am then quite prepared to let some people choose between Prada and Versace handbags.
Until them, I think a well planned economy will produced the shared wealth better.