Economist Friedrich Hayek argued that when knowledge is decentralized and disbursed among many people: a. the greatr the share of knowledge the heads of firms and government can and must know to be successful b. the smaller the share of knowledge the heads of firms and government can know to be successful c. the greater the need for centralized, top-down planning within large firms and goverments d. the greater the need for firms and governments to avoid markets
Economist Friedrich Hayek argued that when knowledge is decentralized and disbursed among many people: a. the greatr the share of knowledge the heads of firms and government can and must know to be successful b. the smaller the share of knowledge the heads of firms and government can know to be successful c. the greater the need for centralized, top-down planning within large firms and goverments d. the greater the need for firms and governments to avoid markets
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter5: Difficult Cases For The Market And The Role Of Government
Section: Chapter Questions
Problem 6CQ
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Economist Friedrich Hayek argued that when knowledge is decentralized and disbursed among many people:
a. the greatr the share of knowledge the heads of firms and government can and must know to be successful
b. the smaller the share of knowledge the heads of firms and government can know to be successful
c. the greater the need for centralized, top-down planning within large firms and goverments
d. the greater the need for firms and governments to avoid markets.
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