Peter J. Boettke on Austrian Economics and the Knowledge Problem
Ideas of India
The Residual Claimant for Amazon
A business owner argues that the world should use advanced computer knowledge and algorithms to make decisions like his business does, eliminating the messy market process. However, the key difference is the presence of a residual claimant in his business, Amazon, and Walmart, which is lacking in the broader economy. This absence results in a diversity of pursued ends and a common agreement only on the means of interaction, allowing for a greater scope of diversity and autonomy.
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