“Among other grand achievements, F. A. Hayek had a remarkable career pointing out the flaws in collectivism. One of his keenest insights was that, paradoxically, any collectivist system necessarily depends on one individual (or small group) to make key social and economic decisions. In contrast, a system based on individualism takes advantage of the aggregate, or 'collective,' information of the whole society; through his actions each participant contributes his own particular, if incomplete, knowledge-information that could never be tapped by the individual at the head of a collectivist state.”
Quote by Sheldon Richman
Author
Sheldon Richman
Sheldon Richman is a writer whose works primarily focus on libertarianism, classical liberalism, and economics. His specific life and contributions are not detailed due to limited information. more