- Cafe Hayek - https://cafehayek.com -

Bonus Quotation of the Day…

Tweet [1]

… is from page 95 of the late Stanford University economic historian Nathan Rosenberg’s insightful 1992 paper “Economic Experiments [2],” as this paper is reprinted in Rosenberg’s 1994 book, Exploring the Black Box: Technology, Economics, and History [3]:

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.