Cass Sunstein riffs on one of my favorite themes:
Developing one of the most important ideas of the 20th century, Nobel Prize-winning economist Friedrich Hayek attacked socialist planning on the grounds that no planner could possibly obtain the “dispersed bits” of information held by individual members of society. Hayek insisted that the knowledge of individuals, taken as a whole, is far greater than that of any commission or board, however diligent and expert. The magic of the system of prices and of economic markets is that they incorporate a great deal of diffuse knowledge.
Wikipedia’s entries are not exactly prices, but they do aggregate the widely dispersed information of countless volunteer writers and editors. In this respect, Wikipedia is merely one of many experiments in aggregating knowledge and creativity, that have been made possible by new technologies.
I’ve previously covered Tim Wu’s excellent paper making a similar point in greater depth.
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