One of my prized possessions is a signed copy of Knowledge and Decisions that I got when Sowell visited GMU during my graduate student days. One of Don Lavoie’s best papers on the discovery, use and dissemination of knowledge began as a reflection of Sowell’s contributions made in Knowledge and Decisions. James Buchanan told me on more than one occasion during my graduate student days (1984-1988) that he thought Knowledge and Decisions was one of the best books published in the last decade in economics, but that it was probably the one book of Sowell’s that didn’t sell as well as others.
We should also always remember what both F. A. Hayek and Milton Friedman had to say about the book when it was published in 1980.
“In a wholly original manner Sowell succeeds in translating abstract and theoretical argument into a highly concrete and realistic discussion of the central problems of contemporary economic policy.” –F. A. Hayek
“This is a brilliant book. Sowell illuminates how every society operates. In the process he also shows how the performance of our own society can be improved.” –Milton Friedman
-RW
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