[Critter]

bttt

[Lev]

Good points.

[1234]

bmp

[SJackson]

Hayek pointed out that almost all information that matters is decentralized, that it exists in the minds of the millions of participants in an economy. Hayek first made this point in a 1935 article explaining why socialism couldn't work.

This is at the core of the success of free market systems, a very difficult concept for many people.

[Eugene Tackleberry]

"The awards may well be justified, especially for Messrs. Stiglitz and Akerlof"

Why is he snubbing Spence? I noticed that both are at Stanford -- some kind of personal rivalry???

[timm22]

Thanks for the post. Last night we were discussing the recent Nobel prize in my economics class, and it caused a big ruckus between a free-market leaning student and the Keynesian instructor. I'll have to bring a copy of this to class next time in case the issue reemerges.