«The “Knowledge Problem” consists in the impossibility that politicians, bureaucrats and social engineers have, albeit their good intentions, to acquire the necessary information and knowledge that is dispersed in the millions of actors and individuals that conform society. The central planner is presented with a situation of “ineradicable ignorance”. This is why it is impossible to improve social coordination and society’s welfare through coercion, which in the end is the basis of the welfare state.
Just as with socialism, the welfare state represents an intellectual error, because it becomes impossible for the central planner to acquire the necessary information and commands that are necessary to coordinate society.»
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