Wednesday, January 02, 2008

Best Line I Have Read Today


That's professor Steven Cheung talking, more here.

Actually, when you think of it, the professor's statment is very Hayekian. You let more players with diverse knowledge to participate in the exchange process, a larger knowledge base will get utilized as a result and the more likely that some successful product, production process or organization form will emerge from the the competitive process.

1 comment:


Sounds like Schumpeter's "creative destruction"?