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Lessons of the Cold War with Peter Robinson

The Genius of Thomas Sowell

CHAPTER

The Importance of Knowledge in a Command Economy

Seoul says 99% of the important knowledge in a society is widely distributed among the population at large. If you accept Seoul's premise that command economies can never function effectively no matter how smart the elites who run them are, it explains why they don't work. The sharp rise and sharper fall of central planning in the 20th century suggests a flaw in the assumptions of those with the vision of the anointed - not necessarily confined to economic policies.

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