Did Hayek Really Say that Free Markets Make Consumers Better Informed?

Posted by on January 12th 2018 in Uncategorized | Be the first to comment!

By George Pickering By: George PickeringIt’s interesting how often the most memorable and thought-provoking parts of a given discussion are to be found in the tangents away from it.Yesterday I was in a seminar on the history of economic thought in which we were supposed to be discussing Thorstein Veblen and the American Institutionalists, but toward the end of the session we got side-tracked into a discussion of the modern economy’s use of big data and the way companies gather information to provide targeted advertising. The lecturer somehow tied this into Hayek’s famous explanation of how a free price system efficiently conveys information …read more

Source:: Mises Daily


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