Thomas Sowell

Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information read more

Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information through a vast society in which fragmented knowledge must be coordinated.

Considering the enormous range of human knowledge, from intimate personal knowledge of specific individuals to the complexities of organizations and read more

Considering the enormous range of human knowledge, from intimate personal knowledge of specific individuals to the complexities of organizations and the subtleties of feelings, it is remarkable that one speck in this firmament should be the sole determinant of whether someone is considered knowledgeable or ignorant in general. Yet it is a fact of life that an unlettered person is considered ignorant, however much he may know about nature and man, and a Ph.D. is never considered ignorant, however barren his mind might be outside his narrow specialty and however little he grasps about human feeling or social complexities.

Leaving prices out of the picture is probably the source of more fallacies in economics than any other single misconception.

Leaving prices out of the picture is probably the source of more fallacies in economics than any other single misconception.

Much of what sophisticates loftily refer to as the "complexity" of the real world is in fact the inconsistency in read more

Much of what sophisticates loftily refer to as the "complexity" of the real world is in fact the inconsistency in their own minds.

Knowledge can be enormously costly, and is often scattered in widely uneven fragments, too small to be individually usable in read more

Knowledge can be enormously costly, and is often scattered in widely uneven fragments, too small to be individually usable in decision making. The communication and coordination of these scattered fragments of knowledge is one of the basic problems- perhaps the basic problem- of any society.