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“That’s the capitalist secret of success. No central processing unit monopolises all the data on the London bread supply. The information flows freely between millions of consumers and producers, bakers and tycoons, farmers and scientists. Market forces determine the price of bread, the number of loaves baked each day and the research-and-development priorities. If market forces make the wrong decision, they soon correct themselves, or so capitalists believe. For our current purposes, it doesn’t matter whether the theory is correct. The crucial thing is that the theory understands economics in terms of data processing.” — Yuval Noah Harari
That’s the capitalist secret of success. No central processing unit monopolises all the data on the London bread supply. The information flows freely between millions of consumers and producers, bakers and tycoons, farmers and scientists. Market forces determine the price of bread, the number of loaves baked each day and the research-and-development priorities. If market forces make the wrong decision, they soon correct themselves, or so capitalists believe. For our current purposes, it doesn’t matter whether the theory is correct. The crucial thing is that the theory understands economics in terms of data processing.