Knowledge and Decisions

In 'Knowledge and Decisions,' Thomas Sowell examines how social and economic knowledge is transmitted through society and its impact on decision making.

The book is divided into two parts: 'Social Institutions' and 'Trends and Issues.

' Sowell argues against the centralization of decision-making power, advocating for decentralized decision making and criticizing the role of intellectuals and government agencies in distorting knowledge and decision-making processes.

He emphasizes the importance of understanding the incentives and constraints that influence decision makers and warns about the dangers of abstract and elitist social visions replacing actual knowledge.

The book won the 1980 Law and Economics Center Prize for its significant contribution to understanding the differences between market and government processes.