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by gnusty_gnurc
2022 days ago
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> Scientists don't make policy decisions either. Politicians do. Even politicians aren't that good at solving this issue clearly. It's because centralization is bad at responding to the needs of individuals. > The reason that this top-down bureaucratic management approach does not work is because the knowledge we need to plan is local, widely dispersed, and held by individuals. Hayek’s point, which won him Nobel honors in 1974, was that there is no such thing as a centralized repository of knowledge from which epidemiologists, policy-makers, or anyone else “in charge” can pull any required data at any time and then — poof — solve societal problems. He further warned that we must treat economic problems differently from scientific problems. Truer words have not been spoken regarding how we should think about the COVID-19 pandemic. Successfully containing COVID-19 is a problem that both requires scientific investigation and economic thinking. https://spectator.org/covid-experts-shutdowns/ |
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