
Economists Keynes, Hayek, and Friedman
Lectures in History
00:00
The Price Profit and Private Property System
No one individual has this great knowledge that exists in a fragmented form among all the members of human kind. That's not the answer. No one has that knowledge. So how do you create a system in which verse and fragmented knowledge is utilized? And that's what hyk's answer was. He says that to show that the spontaneous actions of individuals will, under conditions which we can define, bring about a distribution of resources is the goal of economics. The price profit and private proit property system does aas it allows fragmented, decentralized knowledge to be utilized freely. Fluctuating prices allow for the registration and communication of the relative supply and demand of all the goods and services being produced
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