Quotation of the Day…

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… is from this July 16th, 2026, Wall Street Journal report on the AI company “Thinking Machines”:

“Central planning fails not because of insufficient intelligence, but because of the nature of productive knowledge: tacit, local, fleeting, and held privately by those who acquired it through their work,” the company wrote, citing Friedrich Hayek. “Attempting to aggregate knowledge for the use of a centralized intelligence faces the same challenge.”

DBx: Markets can no more be replaced by AI than they can be replaced by an abacus.