Dexa/Russ Roberts

The Knowledge Problem

Russ and Michael discuss the knowledge problem identified by Hayek, highlighting the uncertainty of knowing the best technology or product in advance. They explore the role of creative destruction and the risks borne by capital in the pursuit of innovation, ultimately benefiting consumers.

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EconTalk
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Related Questions
- Is it true that when the cost of trying new technologies goes to zero, deciding what to build becomes the bottleneck, and that knowing which model output is merely plausible and which is actually good is not a commodity skill, making taste in technology a defining advantage?