Knowledge and Decisions
by Thomas Sowell

He analyzes the advantages and disadvantages of different decision-making units in various situations: centralized versus democratic units, general versus specific knowledge, the kinds of incentives and feedback, formal versus informal arrangements (flexibility versus security) in economics, law, and politics. He extends Hayek's ideas and provides down-to-earth examples, facts, and analysis. There are insights on every page. All decisions are trade-offs. He devastates the Supreme Court. Unfortunately, he falls down at the end by accepting Defense Department propaganda after 350 pages spent de-bunking the propaganda of the social scientists.

Year Read: 1986

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