June 16, 2010 | Posted by Greg Ransom From Don Boudreaux. Teachers in particular will want to steal Bourdreaux eye opening thought experiment.
Categories: Division of Knowledge, coordination problem | 
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If the central contest of the twentieth century has pitted capitalism against socialism, then F. A. Hayek has been its central figure. He helped us to understand why capitalism won by a knockout. It was Hayek who elaborated the basic argument demonstrating that central planning was nothing else but an impoverishing fantasy.
— Kenneth Minogue
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