Episode summary: Send us a text The price system solves a profound coordination problem by communicating dispersed knowledge that no central planner could ever fully access or comprehend. We explore Hayek’s insight about how prices serve as both information and incentives, allowing self-interested actions to inadvertently benefit society. • The “knowledge problem” – why information needed for economic decisions is dispersed among millions of individuals • Tale of two farmers – how profit-seeking Mo unknowing…
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Webmentions
Webmentions allow conversations across the web, based on a web standard. They are a powerful building block for the decentralized social web.
If you write something on your own site that links to this post, you can send me a Webmention by putting your post's URL in here:
Comments
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