It is capitalism and the competitive market process that generates solutions to the knowledge problems of the society, including the “informational asymmetry” that naturally follows from any developed social system of division of labor.
In economics Hayek is a radical; but in philosophy, unlike Ayn Rand, Hayek is a conservative.
Economic growth has been faster when the federal government has been smaller (relative to GDP) – and vice versa.
“I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents.”
Those three elements are (a) division of labor; (b) impersonal exchange based on prices; and (3) economies of scale based on knowledge.
Some creative rethinking can put us on the road to a better tomorrow.