jeudi 6 novembre 2014

Use of knowledge in society

"The peculiar character of the problem of a rational economic order
is determined precisely by the fact that the knowledge of the circumstances
of which we must make use never exists in concentrated or
integrated form, but solely as the dispersed bits of incomplete and
frequently contradictory knowledge which all the separate individuals


Presently the web and aggregation engines have completely reshape the landscape of information.

"The example of used cars captures the essence of the problem. 
From time to time one hears either mention of or surprise at the 
large price difference between new cars and those which have just 
left the showroom. The usual lunch table justification for this 
phenomenon is the pure joy of owning a "new" car. We offer a 
different explanation. Suppose (for the sake of clarity rather than 
reality) that there are just four kinds of cars. There are new cars 
and used cars. There are good cars and bad cars (which in America 
are known as "lemons"). A new car may be a good car or a lemon, 
and of course the same is true of used cars. "

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