While the last article addressed the concept of the knowledge problem and how Wales had specifically set out to solve this problem. But in addition to making information accessible to all those who seek it, Wales also incorporated another aspect of Hayekian economics when he created Wikipedia: spontaneous order.
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I am now more optimistic than ever that I’ll see it in my career where the people in this country reject the government’s handling of this industry, selling and auctioning all of these factors to the cronies who have ponied up in Washington and we will see a true market emerge and a real rebirth of the great tradition of medicine that for which the United States has been known for quite some time.
A no pain no gain mindset, and high intensity interval training, are probably bad decisions for most people. In personal finance, bad decisions involve maximum risk tolerance, market forecasts, faulty return projections, beating the market, and staying the course.
The clinical term, “Impostor Syndrome,” may be confusing. Technically, it describes accomplished people who think of themselves as frauds. But there are many more among us who are the real frauds, and we all know what that personality looks like. They have accomplished nothing, yet have the audacity to force themselves on society as experts and visionaries with nothing more than monetary dope.
Hayek saw grand plans as a perfect vehicle for the fatal conceit, and argued that highly mobile and creative human beings may have a better approach when left to their own devices. As he points out, ordinary people tend to solve the problems they confront, to figure things out, and invent efficient new ways of doing things
The mass distribution of ideas and the massive increase in human knowledge can be attributed to the invention of the printing press. This was the catalyst for human flourishing after a thousand years of despotism, anarchy, and mysticism. Johannes Gutenberg’s invention launched the Age of Reason and the unleashing of the human mind.
The Swedish country parson, Anders Chydenius, is a relatively unknown giant among Enlightenment philosophers, economists, and inventors. His ideas written in the 1765 pamphlet, The National Gain, fueled the Swedish economic miracle from 1850-1950, and predated Adam Smith’s Wealth of Nations. Thanks to Chydenius, Sweden was the first country in the world to adopt freedom of the press, 25 years before America’s 1st Amendment, cementing economic freedom and political freedom as the co-dependent variables for human flourishing.
Successful high achievers who feel like frauds are experiencing the Impostor Syndrome. Conversely, frauds who believe themselves worthy of dominion over others are immune from this condition. In both cases, this unhealthy self-awareness can have debilitating effects on societies.
Indeed, humans could learn a lot from paying more attention to the emergent order of the animal kingdom, and less attention to arbitrary and uninformed central authority.
As the new year gets underway, why not make a goal to read more about the essential economic principles.
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