Hayek (1945) on Why Network News Is Losing Control

Gary North reports:

In 1945, economist F. A. Hayek wrote what turned out to be a classic paper on how decentralized knowledge is made available to the public by means of the free market. He argued that most knowledge is decentralized, and the free market allows people who own such knowledge to reap profits from this ownership. There is no way that any government committee can assemble accurate comparable knowledge, and then implement this information, with anything like the efficiency of the free market system.

An article well worth your time.