"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."
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Non-fiction authors from the United StatesEditors from the United StatesEconomists from the United StatesPeople from IowaUniversity of Pennsylvania faculty
Original Language: English
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Sources
Richard Nelson and Sidney Winter, An Evolutionary Theory of Economic Change (1982), p. 365
https://en.wikiquote.org/wiki/Sidney_G._Winter
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Sidney G. Winter
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