Complex Systems Work Only Through Long Chains of Incentives
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One of the many arguments in favor of free markets is the decentralization of knowledge. Perhaps the best illustration of this is Leonard E. Read's essay "I, Pencil". In it, he basically shows how no one man can make a pencil. An object seemingly so simple actually requires the diverse knowledge and cooperation of millions of people, most of whom who have never even seen each other.
Complex Systems Work Only Through Long Chains of Incentives
Complex Systems Work Only Through Long Chains…
Complex Systems Work Only Through Long Chains of Incentives
One of the many arguments in favor of free markets is the decentralization of knowledge. Perhaps the best illustration of this is Leonard E. Read's essay "I, Pencil". In it, he basically shows how no one man can make a pencil. An object seemingly so simple actually requires the diverse knowledge and cooperation of millions of people, most of whom who have never even seen each other.