Can we intentionally improve the world? Planners vs. Hayekians

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  • This camp is sometimes called β€œHayekian,” because their view of value-creation is similar to Friedrich Hayek’s: any individual firm has limited foresight, so the way we increase innovation is to increase the number of firms. The more different things we try, the greater chance of us hitting upon a few big wins. In other words, given our limited ability to β€œexploit” known strategies for creating social value, we should focus on boosting exploration instead of exploitation.
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