Use of knowledge in society

http://www.npr.org/blogs/health/2014/11/05/360351551/how-much-is-that-mri-really-massachusetts-shines-a-light?utm_source=facebook.com&utm_medium=social&utm_campaign=npr&utm_term=nprnews&utm_content=202505

http://evankozierachi.com/uploads/The_Use_of_Knowledge_in_Society_-_Hayek.pdf

"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

possess."

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. "

http://www.iei.liu.se/nek/730g83/artiklar/1.328833/AkerlofMarketforLemons.pdf