"Knowledge is one of the most scarce of all resources and a pricing system economizes on its use by forcing those with the most knowledge of their own particular situation to make bids for goods and resources based on that knowledge, rather than on their ability to influence other people in planning commissions, legislatures, or royal palaces."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
Thomas Sowell, Basic Economics, 4th ed. (2010), Ch. 2. The Role of Prices
https://en.wikiquote.org/wiki/Dispersed_knowledge
Revision History
No revisions have been submitted for this quote.
Categories
Dispersed knowledge
9 quotes on TrueQuotesView all quotes by Dispersed knowledge →
Related Quotes
"Hayek had his greatest impact in the area of the division of knowledge. He first put forward his concept of the divis…"
"[Hayek] thought that much knowledge is not verbally or explicitly known to the individual. This idea—of tacit (as opp…"
"When I look back, it seems so have all begun, nearly thirty years ago, with an essay on “Economics and Knowledge” in …"
"The dilemma of a socialized system is that the information flow overwhelms a centralized system if it is open to new …"
"Knowledge is one of the most scarce of all resources, so that one of the most important differences among alternative…"
"Knowledge is one of the scarcest of all resources in any economy, and the insight distilled from knowledge is even mo…"
"Knowledge and insight need not be technological or scientific for it to be economically valuable and decisive for the…"
"Knowledge is one of the scarcest of all resources. Glib generalities abound, but specific hard facts about particular…"
"Currency devaluations stimulated recovery in two ways: allowing nominal interest rates to fall and, so long as people…"
"This ground-plan, conceived by a great architect, exhibits a fundamental metaphysical dualism in Plato’s thought. ...…"