Boxed set of three bestselling suspense stories by Lindsey Stiles
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Friedrich A. Hayek
Summary Each individual only knows a small fraction of what is known collectively and that as a result, decisions are best made by those with local knowledge rather than by a central authority
The price system is just one of those formations which man has learned to use after he had stumbled upon it without understanding it Through it not only a division of labor but also a co rdinated utilization of resources based on an equally divided knowledge has become possible The people who like to deride any suggestion that this may be so usually distort the argument by insinuating that it asserts that by some miracle just that sort of system has spontaneously grown up which is best suited t [...]
No one knows everything, this begs the question WHO then gets to organize our complex social systems, specifically our economic system A brief explanation on individual actions, unknowingly shared knowledge, prices and economy.The whole world is connected and society can advance because of every single decision we make through our complete understanding of the world as a group selfish individuals looking out for themselves.Awesome
the black swan nudge
I felt useless when I read this Besides that, it was well written and summed up perfectly.
By far the simple yet powerful indictment of the stupidity of centralized economic planning or in other words the foolishness of Socialist Economic theory.
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An accessible essay on economics, one in which the layman can read and have a better understanding of economic decision making As for the writing itself, Hayek writes in long er sentences than I would assume most others But if read carefully and deliberately, the sentence length does not obscure any idea or meaning In the essay, Hayek argues that the knowledge in society that is relevant for economic decision making is diffuse, and in particular the knowledge of time and place and other local in [...]
More of a pamphlet really, as it turns out I haven t read The Road to Serfdom, but this was recommended to me as an encapsulation of his ideas and it certainly seems to sum them up nicely Hayek s work underpins a lot of libertarian political thought on both sides of the atlantic, with Ayn Rand doing the same job for the knuckle dragging supporters of the same ideas in the tea party movement in the US.
An important essay, in which Hayek argues that a decentralized market economy is superior to a centrally planned economy because of its better capacity in using knowledge especially tacit knowledge the type of individual knowledge that can t be communicated and in efficiently adapting to continuous change in detailed circumstances because the ones directly exposed to them will be the ones to adapt.
Genius
One of these rare historical texts which each scientific expert should re read once a year to put his reflections in perspective.
Very interesting and a quick read.
Very compact, not a light read, fairly pertinent and engaging
Essential reading.