"The dilemma of a socialized system is that the information flow overwhelms a centralized system if it is open to new ideas and data, that closing the system and forcing the plan to work forecloses alternatives and risks unhedged mistakes, and that decentralizing without real markets poses the problems discussed by Hayek. These information problems permeate virtually all economic processes."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
Richard Nelson and Sidney Winter, An Evolutionary Theory of Economic Change (1982), p. 365
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 …"
"Knowledge is one of the most scarce of all resources and a pricing system economizes on its use by forcing those with…"
"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. ...…"