If you are reading this blog, then you probably already know that the United States isn't a democracy; it's a Constitutional Representative Republic. But that's a minor quibble. I'll send you to the article to
read it here. I know what most of you will think: TL;DR (too long; didn't read). So here's the take-away:
"We need decentralization," wrote Hayek, "because only thus can we insure that the knowledge of the particular circumstances of time and place will be promptly used." In contrast to the kind of knowledge that Ipsos MORI and Caplan have studied, "The most significant fact about [the market] system is how little the individual participants need to know in order to be able to take the right action."
and
If voluntary society already contains within it the means of directing specialized knowledge to the benefit of the general welfare while minimizing the consequences of our ignorance, then the solution to our irreparable ignorance is simple: we need less government policy and more voluntary interaction.
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