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12min chapter
Caldwell: Hayek's Intellectual Journey
The Answer Is Transaction Costs
Market Coordination and Economic Calculation Debate
Exploring how markets address the knowledge problem through decentralized coordination, contrasting with planned economies and highlighting the role of property rights. The chapter delves into the historical origins of the economic calculation debate, emphasizing the importance of accurate information in assessing resource allocation within a social system.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode