New from me at EconLog:
Prices as a Map for Minds That Can’t Know Everything
More at the link above. The summary is:
The striking possibility is that increasingly intelligent AI may not make Hayek obsolete. It may give us a new reason to appreciate him. Intelligence does not abolish the economic problem created by dispersed knowledge. A world filled with capable artificial minds may actually contain more decision-makers, more specialization, more private information, and more discoveries that no central intelligence anticipated.
For those minds, as for ours, prices would be a map of a world too complicated for any one mind to know.
