[David] Hume and [Friedrich] Hayek stressed the limited nature and impermanence of knowledge. Hayek observed that knowledge is not concentrated in a single authority but dispersed across the population. A free and open society, with capitalistic institutions of private property and enforceable contracts, uses knowledge better than central planning. A free society enables a better balance of conflicting objectives and the achievement of objectives with less sacrifice of other wants.
Tag: Gregory Christainsen
Professor of economics at the California State University, East Bay.