With a new introductory note from the author, this reissue of Thomas Sowell's classic study on the decision-making process updates his foundational work in the context of "The Vision of the Annointed." Sowell, one of America's most recognizable intellectuals, details how knowledge is shared and disseminated throughout contemporary society. He warns that society suffers from an ever-widening gap between firsthand knowledge and the decision-making process, a gap that threatens not only our economic and political effectiveness but also our very freedom, as real knowledge is replaced by assumptions based on an abstract and elusive social perception of how things should be. "Knowledge and Decisions," winner of the Law and Economics award in 1980, has been described as a "landmark work" and was selected for this award "because of its coherent contribution to the understanding of the differences between the market process and the governmental process." In the announcement of the award, the center praised Sowell, whose "contribution to our understanding of the regulatory process alone would make the book significant, but by reiterating the variety and effectiveness that the market enables, his work becomes even more important."