The reason some things are never solved is that they cannot be solved with perceived reality of the time. The great Austrian economist and philosopher, Frederick August von Hayek (1899-1992), argued that the knowledge needed to make rational collective decisions is dispersed throughout society and cannot be fully known by any single individual or central authority. Markets solve this problem by taking into account the information and knowledge required to make a collective choice on the efficient allocation of resources. (Note: this is an abstract of a longer paper where the evidence for the various assertions in this abstract are presented.)
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