Planning, Diversity, and the Vox Populi
By Will C. Heath
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.
|Other Independent Review articles by Will C. Heath|
|Summer 2008||The Difference:How the Power of Diversity Creates Better Groups, Firms, Schools, and Societies|