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475. Threat From South America | Axel Kaiser
The Jordan B. Peterson Podcast
Empower Decision-Making Through Distributed Systems
A planned economy cannot effectively address the complexities of production, which requires a distributed system of pricing and decision-making. Without such a system, economies risk catastrophic failures. The Austrian economic perspective supports this idea, emphasizing the importance of individual computation and localized value assessment. It underscores the conflict between decentralized decision-making by individuals who understand their unique circumstances versus centralized control by a small group that lacks comprehensive knowledge. This highlights the need for empowering individuals within an economy to intelligently navigate their local conditions.
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