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
"My own prediction is that slow bleed has been accelerating and is only the first step. The second step will be speculative attacks that...
"The last point is crucial — users can withdraw their Ark funds at any time, even if their ASP goes offline or ceases to...
"The atomic economy and Synonym's mission is to research, design and ship a working free market society. So not just a free market economy,...