From the introduction to the Becker-Posner blog. Becker is a Nobel prize-winning economist; Posner the prolific judge and legal theorist.
Blogging is a major new social, political, and economic phenomenon. It is a fresh and striking exemplification of Friedrich Hayek's thesis that knowledge is widely distributed among people and that the challenge to society is to create mechanisms for pooling that knowledge. The powerful mechanism that was the focus of Hayek's work, as as of economists generally, is the price system (the market). The newest mechanism is the 'blogosphere.' There are 4 million blogs. The internet enables the instantaneous pooling (and hence correction, refinement, and amplification) of the ideas and opinions, facts and images, reportage and scholarship, generated by bloggers. [The Becker-Posner Blog: Introduction to the Becker-Posner Blog]