The Bitter Lesson and Hayek's Revenge

In Friedrich Hayek&rsquo;s cornerstone &ldquo; The Use of Knowledge in Society &rdquo; he introduces the &ldquo;man on the spot.&rdquo; If we can agree that the economic problem of society is mainly one of rapid adaptation to changes in the particular circumstances of time and place , it would seem to follow that the ultimate decisions must be left to the people who are familiar with these…