Sublime

Socrates—who, like Adam Smith, argued that people are generally good even without enforcement.

If you run a two-sided marketplace, you’ll find contra Hayek that not all knowledge is local. For example, Sidecar lost to Uber because drivers set prices themselves, as opposed to setting them centrally. Hayekians would agree that Sidecar’s approach was optimal: drivers have local knowledge and central planning can’t work. But Uber’s central

The libertarian aspect of our strategies lies in the straightforward insistence that much of the time, and so long as they are not harming others, people should be free to do what they like—and

Keynes was a failed investor and statistician who never studied economics but was so well‐connected with the ruling class in Britain that the embarrassing drivel he wrote in his most famous book, The General Theory of Employment, Money, and Interest, was immediately elevated into the status of founding truths of macroeconomics. His theory begins

everyone’s preferences, and feed all this data into a “single mind”—a giant economic optimization algorithm that would run continuously to “work out the implications”? Because, Hayek explained, that algorithm would never get all the data it actually needed; it could never “secure the best use of resources known to any of the members of society, for