George Selgin wants us to recognize Hayek, with regard to banking degulation.
Hayek had gotten it mostly right from what I gather in the weboshpere, except the over emphasis on banking. Local information theories apply all throughout the economy. Banking is maybe susceptible to fraud because bankers give the illusion of correct accounting. But I think, overall, Hayek would have embraced Shannon, except he was busy in constant battle with Keynesian anti-democracy.
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