Comments on: Malls, multiplexes, mills and market failures II http://www.yazadjal.com/2003/11/27/malls-multiplexes-mills-and-market-failures-ii/ Fri, 04 Jul 2008 19:25:10 +0000 http://wordpress.org/?v=2.0.1 by: Yazad http://www.yazadjal.com/2003/11/27/malls-multiplexes-mills-and-market-failures-ii/#comment-355 Tue, 30 Nov 1999 00:00:00 +0000 http://www.yazadjal.com/2003/11/27/malls-multiplexes-mills-and-market-failures-ii/#comment-355 F. A. Hayek's <a href="http://www.econlib.org/library/Essays/hykKnw1.html" rel="nofollow"><i>The Use of Knowledge in Society</i></a> talks about the <b>impossibility</b> of successful planning. <blockquote>The economic problem of society is thus not merely a problem of how to allocate "given" resources—if "given" is taken to mean given to a single mind which deliberately solves the problem set by these "data." It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only these individuals know. Or, to put it briefly, it is a problem of the utilization of knowledge which is not given to anyone in its totality.</blockquote> F. A. Hayek’s The Use of Knowledge in Society talks about the impossibility of successful planning.
The economic problem of society is thus not merely a problem of how to allocate “given” resources—if “given” is taken to mean given to a single mind which deliberately solves the problem set by these “data.” It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only these individuals know. Or, to put it briefly, it is a problem of the utilization of knowledge which is not given to anyone in its totality.

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