Class 35: Centralized knowledge and decentralized knowledge

Today, Mr Rizzo talks about the idea of centralized knowledge and decentralized knowledge through the example of czar of titanium. Decentralized knowledge is better than centralized knowledge is because of it's practicality with the help of a well functioning markets and democracy. The market, determined byu the price system, solves the problem as it reveals who has the particular specialized knowledge to solve the problem. A person with all the knowledge required to do certain thing is just impossible to be found in this world.