Bonus Quotation of the Day…
by Don Boudreaux
on March 28, 2021
… is from page 95 of the late Stanford University economic historian Nathan Rosenberg’s insightful 1992 paper “Economic Experiments,” as this paper is reprinted in Rosenberg’s 1994 book, Exploring the Black Box: Technology, Economics, and History:
There is an additional advantage to a system that encourages, or at least tolerates, multiple sources of decision-making. Not only do human agents differ considerably in their attitudes toward risk; they differ also in their skills, capabilities, and orientations, however those differences may have been acquired. This heterogeneity of the human input, insufficiently stressed in microeconomics, constitutes a valuable resource that is much more readily enlisted into the realm of potentially useful experimentation by an organizationally decentralized environment.
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