Jordan Peterson explaining Hayek’s “knowledge problem” argument. Many experts lack humility and willingness to adapt based on new facts, especially when they are economically and bureaucratically entrenched. The crowd is often wise and many experts fail to keep tuned in:

The proposition that central planning will work is the proposition that you can substitute one expert mind for a million distributed expert minds.

That’s obviously not the case, because each person is going to have knowledge that pertains to their locality that isn’t accessible to everyone.

“So it’s much better to let everyone make the decisions and sum them.