The Hayek Puzzle
The LRB Podcast
00:00
Hayek's Theory of Markets
Hayek's argument is that markets take advantage of the fact that most knowledge is local. Most people don't know what's going on beyond their daily life, he says. Markets communicate information but you'd hardly ever have a view of what's happening in the whole. Hayek: "No one knows everything, but everyone knows a little something"
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