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Order Without Organizations with Aneesh Karve (WiM141)
The "What is Money?" Show
The Man on the Spot
Hayek showed that a distributed process takes into account more information than any centralized process possibly could. He developed this concept of the man on the spot and he said there are so many things that an individual knows about their daily course of life. That cannot be computed because they're, excuse me, not computed, communicated their implicit forms of knowledge. And that knowledge cannot be made explicit so that a central planner can then orchestrate all of those things that the individual is doing for him or herself.
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