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The Way the World Works: A Tuttle Twins Podcast for Families

73. What is The Knowledge Problem?

15 min • 11 december 2020

Governments like to claim they know enough to be able to control and plan out entire economies. But with so many individual actors contributing to the economy, it is impossible for one central body to have enough information to make informed decisions. Economist F.A. Hayek explained this conundrum with what if called “the knowledge problem.”

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