"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."
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