Wednesday, May 16, 2007

Sounds like a Prediction Market

"If no one has even one percent of all the knowledge in a society, then it is crucial that the other 99 percent of knowledge -- scattered in tiny and individually unimpressive amounts among the population at large -- be allowed the freedom to be used in working out mutual accommodations among the people themselves.

These innumerable mutual interactions are what bring the other 99 percent of knowledge into play -- and generate new knowledge.

That is why free markets, judicial restraint, and reliance on decisions and traditions growing out of the experiences of the many -- rather than the groupthink of the elite few -- are so important."

Read more Here

No comments:

Post a Comment

Post a Comment