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News Link • Economic Theory

Hayek's Case for Decentralized Communities

• arclein

decentralized systems of order are more efficient, and hence more desirable, because they better account for and respond to dispersed knowledge across diverse communities with unique customs, ambitions, and values. Heterogeneous, bottom-up systems governed by local institutions that reflect native knowledge, talent, and choices more effectually serve humanity writ large than centralized, top-down systems that are unaccountable to local norms and mores.

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