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5min chapter
There are No Solutions, Only Trade-Offs with Aneesh Karve (WiM310)
The "What is Money?" Show
The Use of Knowledge in Society
Saul Soul: People who depict markets as cold, impersonal institutions and their own notions as humane and compassionate have it directly backwards. He says when people make their own economic decisions taking into account costs that matter only to themselves, this knowledge becomes part of the trade-offs they choose.Soul: No given decision-maker is likely to know more than a small fraction of what is necessary to know in order to make the best decisions for a whole society. And one of the reasons is disburse knowledge. This goes all the way back to our very first podcast, There are things that a computer cannot do that a human can.
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