
Last week Adam Ozimek posted an interesting piece Big Data Versus Hayek. He noted how centralized algorithmic price setting, for real estate, airlines and hotels, was displacing local and decentralized decision making. Because it works better and is more profitable. And how this development was very “un-Hayekian.” Friedrich Hayek of course famously arguing centralized planning and pricing could never do as well as the man-on-the-spot in taking into account local conditions.
Continue reading The algorithmic hand is replacing the invisible hand. But Hayek still applies.








