One of the most important insights in economics was made by F.A. Hayek in a famous article titled “The Use of Knowledge in Society” (American Economic Review, September 1945). Hayek's insight was simple, but powerful: the information necessary for making sensible economic choices is far too dispersed and difficult to articulate ever to be possessed by any one person or group of experts.
At the heart of almost all economics is the idea of mutually beneficial exchange. When two people voluntarily engage in an activity, economists assume that both parties are better off. Otherwise, one of them would have refused the deal. It doesn't mean people don't make mistakes—sure they do.
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April 16, 2040, 11:00 AMREGISTER