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
"We Hodl these truths to be self evident" - Brady A Declaration of Independence for the age of the separation of money and state....
"Bitcoin miners are unique because of how fast, transparent, and flexible their response can be to pricing fluctuations. Riot’s Whinstone mining farm in Texas...
Continuing with Part 2 of "The Case for Electronic Cash" from Jerry Brito and CoinCenter.org. The consequences of total dependence upon financial intermediaries and...