Some quotes from *Knowledge and Decisions*

I read economist Thomas Sowell&rsquo;s Knowledge and Decisions a number of years ago. It is basically a book-length elaboration on Friedrich Hayek&rsquo;s essay &ldquo; The Use of Knowledge in Society &rdquo;, applied well beyond economics. Hayek&rsquo;s essay is an argument against central planning: because economically relevant knowledge is dispersed among individuals (much of it local, tacit,…