The Science of Success: How Market-Based Management Built the World's Largest Private Company by Charles G. Koch

Author:Charles G. Koch
Language: eng
Format: mobi, pdf
Published: 2007-09-20T13:13:00+00:00

"When Soviet nail factories had their output measured by weight, they tended to make big, heavy nails, even if many of these big nails sat unsold on the shelves while the country was crying out for small nails. "

Thomas Sowell'

CHAPTER 5

KNOWLEDGE

PROCESSES

"The greatest obstacle to discovery is not ignorance but the illusion of knowledge."

-Daniel Boorstin2

"The worth and value of knowledge is in proportion to the worth and value of its object."

-Samuel T. Coleridge3

arket economies are successful, in large part, because they are superior at creating useful knowledge. The main mechanisms of this knowledge generation are market signals from trade-prices, profit and loss-and free speech.

Societies are most prosperous when knowledge is plentiful, accessible, relevant, inexpensive and growing. Such conditions are most fully brought about by trade.

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