"Hayek’s great contribution is this: Competitive markets without externalities populated by well-informed self-regarding rational individuals generate highly productive outcomes because the market has powerful emergent properties that make it an extremely powerful and incentive-compatible societal mechanism for eliciting the revelation, aggregation, and transmission of information about resources, capabilities, needs and desires."
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J. Bradford DeLong, "Praise of Friedrich von Hayek Sub-Blogging" (May 9, 2016)
https://en.wikiquote.org/wiki/Individualism_and_Economic_Order
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Individualism and Economic Order
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