2min chapter

Philosophize This! cover image

Episode #139 ... Friedrich Von Hayek - The Road to Serfdom

Philosophize This!

CHAPTER

The Economy Is a Collective Agreement Between People

Hak believes that a total understanding of how the economy should be structured is unknowable. The government can never have an exhaustive understanding of the billions of transactions going on, he says. To hik, the only people with any sort of total knowledge of the economy are the aggregate of people that make up the economy and their local knowledge of their respective fields.

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