The brilliance of the price system is in coordinating the values, deeply limited knowledge and scarce resources precisely to their highest value need without having to understand or be aware of every single change in supply, alternatives, and uses of those resources among the economic participants. It is specifically because we only receive the most important piece of information, its new value in relation to other things (the price), that we can so quickly align ourselves with the new state of the world. Don't miss the conclusion of Hayek's work, "The Use of Knowledge in Society."
Visit the full piece, and the collection of other great work, economic analysis, news, & more over at fee.org.
https://fee.org/articles/the-use-of-knowledge-in-society/#0
Will hundreds of coins flourish? Will economic thought change completely? Will it be a force for good or evil? And will Bitcoin even survive?...
Listening to an essay from 1997 that details specific challenges of something as distant as the smart contract embedded into the Lightning Network shows...
Many people make the serious miscalculation, that if the CPI isn't too high, then printing money isn't a problem and doesn't really cost them...