Pursuit of Truthiness

my gut tells me I know economics

The Use of Knowledge in Society

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Freidrech Hayek’s 1945 essay in AER was decades ahead of its time, long pre-empting much of the economics profession on the importance of dispersed information.  It also showed why Communism was doomed to failure, though it took many poor and deadly decades before the experiment was admitted to have confirmed his theory.

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Written by James Bailey

October 6, 2008 at 10:32 pm

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