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6min chapter
Tyler Cowen - Hayek, Keynes, & Smith on AI, Animal Spirits, Anarchy, & Growth
Dwarkesh Podcast
The Price System as an Aggregator of Information
The chapter explores the function of the price system as an aggregator of information, highlighting its usefulness in decision-making while acknowledging the challenges of discerning specific inputs due to its aggregated nature. The speaker also discusses the challenge of preserving good institutions and highlights examples of firms that have managed to improve and evolve over a long period.
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