Hayek's knowledge argument about prices aggregating distributed information applies to implicit/embedded knowledge, not explicit formalized knowledge; trying to systematize what is not explicitly systematizable (as the Soviet approach did) defeats the principle.
causalpending
Speaker
Nassim Nicholas TalebEvidence Quote
“it's explicit versus implicit that for him knowledge is not explicit that is implicit... your system izing something that is not uh explicitly uh LED itself to explicit phrasing is is is what uh what harmed uh the Soviet”
Created: 8/11/2026, 7:44:21 AM
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