“When we take external economies and diseconomies into consideration, then the net advantage of decentralized over centralized decision-making, or vice versa, must be assessed by weighing the losses in the former through failure to take into account indirect consequences of actions (external economies) against losses in the latter through inability to obtain the necessary facts and to carry through the necessary computations (bounded rationality). The question becomes a quantitative one of the relative importance of these two classes of “imperfections” in the decision-making mechanisms. … It cannot be settled once and for all from a priori considerations, but must be decided in each case by reference to the empirical facts of the real world (1958: p. 204).