Microeconomics
Microeconomics
10th Edition
ISBN: 9781259655500
Author: David C Colander
Publisher: McGraw-Hill Education
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Chapter 23, Problem 7QE
To determine

Explain the given statement.

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Economist Friedrich Hayek argued that when knowledge is decentralized and disbursed among many people. a) the greater the share of knowledge the heads of firms and governments can and must know to be successful. b)the smaller the share of knowledge the heads of firms and governments can know to be successful. c) the greater the need for centralized, top-down planning within large firms and governments. d) the greater the need for firms and governements to  avoid markets.
Italy’s 60 million inhabitants woke up Tuesday under an unprecedented nationwide quarantine, an effort by authorities to fight the world’s second-deadliest outbreak of the coronavirus, and began working out what they can and can’t do. Rome’s piazzas were almost deserted and cafes had few customers, as the Italian capital was locked down for the first time. Many Italians seemed resigned to their new reality, which includes extreme restrictions on freedom of movement. Some wondered if the country should have moved more decisively earlier. “This is the only thing that could be done at this point. Let’s keep our fingers crossed and hope it works,” said Antonio Castellucci, who has a fruit and vegetable stand in a Roman market. “I wish the government had done this earlier. They should have copied the Chinese right away.”Under the national quarantine announced Monday evening by Prime Minister Giuseppe Conte, travel to, from and within Italy is permitted only if it is demonstrably necessary for…
What is the closest example to a command economy?
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