By Giving The Government Unlimited Powers, The

Wherever Liberty As We Understand It Has Been Destroyed, This Has Almost Always Been Done In The Name Of Some New Freedom Promised To The People

It Would Clearly Not Be An Improvement To Build All Houses Exactly Alike In Order To Create A Perfect Market For Houses, And The Same Is True Of Most Other Fields Where Differences Between The Individual Products Prevent Competition From Ever Being Perfect.

The Central Problem Of Management Is How Spontaneous Interaction Of People Within A Firm, Each Possessing Only Bits Of Knowledge, Can Bring About The Competitive Success That Could Only Be Achieved By The Deliberate Direction Of A Senior Management That Possesses The Combined Knowledge Of All Employees And Contractors

It Is Not The Source But The Limitation Of Power Which Prevents It From Being Arbitrary.

Each Member Of Society Can Have Only A Small Fraction Of The Knowledge Possessed By All, And...each Is Therefore Ignorant Of Most Of The Facts On Which The Working Of Society Rests...civilization Rests On The Fact That We All Benefit From Knowledge Which We Do Not Possess. And One Of The Ways In Which Civilization Helps Us To Overcome That Limitation On The Extent Of Individual Knowledge Is By Conquering Intelligence, Not By The Acquisition Of More Knowledge, But By The Utilization Of Knowledge Which Is And Which Remains Widely Dispersed Among Individuals.