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… is from page 165 of my colleague Peter Boettke’s November 2001 presidential address to the Society for the Development of Austrian Economics as this address (titled “Information and Knowledge: Austrian Economics In Search of Its Uniqueness [2]“) is reprinted in Pete’s 2021 book, The Struggle for a Better World [3] (footnote deleted):
Not only does the price system economize on the information economic decision makers must process, but the entire market system generates a level of social intelligence that no one mind or group of minds could approximate.