Decentralized Knowledge
The idea that no one person or group can know everything about what others need, want, or can do. People know their own lives best, so central plans (like in socialism) fail because they ignore this spread-out wisdom.
The idea that no one person or group can know everything about what others need, want, or can do. People know their own lives best, so central plans (like in socialism) fail because they ignore this spread-out wisdom.