Economist Friedrich Hayek argued that when knowledge is decentralized and disbursed among many people: a. the greatr the share of knowledge the heads of firms and government can and must know to be successful b. the smaller the share of knowledge the heads of firms and government can know to be successful c. the greater the need for centralized, top-down planning within large firms and goverments d. the greater the need for firms and governments to avoid markets

Economist Friedrich Hayek argued that when knowledge is decentralized and disbursed among many people: a. the greatr the share of knowledge the heads of firms and government can and must know to be successful b. the smaller the share of knowledge the heads of firms and government can know to be successful c. the greater the need for centralized, top-down planning within large firms and goverments d. the greater the need for firms and governments to avoid markets

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter8: Aggregate Demand And The Powerful Consumer

Section: Chapter Questions

Problem 2DQ

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Economist Friedrich Hayek argued that when knowledge is decentralized and disbursed among many people. a) the greater the share of knowledge the heads of firms and governments can and must know to be successful. b)the smaller the share of knowledge the heads of firms and governments can know to be successful. c) the greater the need for centralized, top-down planning within large firms and governments. d) the greater the need for firms and governements to avoid markets.
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