Hayek Revisited: Planning, Diversity, and the Vox Populi
By Will C. Heath
This article appeared in the Summer 2007 issue of The Independent Review

More than 70 years ago F. A. Hayek first put forward his thesis that markets work better than central planning because they make better use of knowledge. Now, a new research program has appeared and come to a “Hayekian” conclusion of its own: in situations where information is decentralized, the collective wisdom, the vox populi, is demonstrably superior to the judgment of experts alone.

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