Samuel Gregg reviews  Gregory Collins’s Commerce and Manners in Edmund Burke’s Political Economy . A slice:
Burke’s interest in theory also embraced how rationality functioned in the marketplace. That was especially evident in his reflections upon free exchange and contracts in agriculture and the labor market. There were significant limits, Burke argued, to what government officials could know about all the different factors considered by the various parties to an exchange. Burke consequently concluded that, once they went beyond deterring and punishing force, fraud and collusion, government interventions were likely to have many unforeseen negative effects. Such awareness of what would later be called the knowledge problem was rare at the time.
Greg Mankiw rightly warns against charging corporate CEOs with the responsibility of looking out for the welfare of corporate ‘stakeholders’ at the expense of corporate shareholders . The knowledge problem is thick throughout reality, and reality isn’t optional.