Prices allow huge numbers of people to coordinate their plans and achieve amazing things together. Learn more with Dr. Russell: https://www.youtube.com/watch?v=_sLET... Russell, Daniel. "Coordination Through Prices." YouTube. Learn Liberty, 6 July 2017. SUBSCRIBE: http://bit.ly/2dUx6wg LEARN MORE: What If There Were No Prices? Railroad Thought Experiment (video): https://www.youtube.com/watch?v=zkPGf... "The Use of Knowledge in Society" (essay): Friedrich Hayek argues that central planning can never be successful because the knowledge needed for economic planning is too vast, dispersed, and ever-changing for any one person or group to know. http://www.econlib.org/library/Essays... “I, Pencil” (essay): In this essay, referenced in the video, Leonard Reed illustrates how much knowledge is required to produce even the simplest of objects. https://fee.org/resources/i-pencil-au... TRANSCRIPT:For a full transcript please visit: http://www.learnliberty.org/videos/co... LEARN LIBERTY:Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/ .
TagsFriedrich Hayek dispersed knowledge Daniel Russell economic planning libertarian liberty Institute for Humane Studies Learn Liberty