Hayek’s ‘Use of Knowledge in Society’ [Part 1-2]

by CryptoconomyGuy | May 29, 2019 | CryptoQuikRead

The brilliance of the price system is in coordinating the values, deeply limited knowledge and scarce resources precisely to their highest value need without having to understand or be aware of every single change in supply, alternatives, and uses of those resources among the economic participants. It is specifically because we only receive the most important piece of information, its new value in relation to other things (the price), that we can so quickly align ourselves with the new state of the world…