Hayek on the Use of Knowledge in Society
Автор: Literaturcafé
Загружено: 2025-01-30
Просмотров: 2217
Описание:
Economics, as taught in universities, is often centred on mathematical models - formulae designed to optimise the allocation of scarce resources. But Hayek fundamentally questions this approach. If the assumptions underlying these models are incomplete, he asks, how can their conclusions be correct?
In The Use of Knowledge in Society, he criticises the mathematical formalisation of economics, arguing that it ignores the core problem: knowledge is dispersed, fragmented and constantly evolving. Instead of treating economics as an allocation problem, Hayek shifts the focus to a knowledge problem - who knows what and how that information is coordinated. He argues that no central planner or mathematical model can fully capture the complexity of real markets, and instead emphasises the spontaneous, organic role of prices in transmitting knowledge throughout society.
Text: "The Use of Knowledge in Society"
https://www.jstor.org/stable/1809376?...
Time Stamps:
00:00 Introduction
00:55 The Fundamental Question
03:28 Scientific Vs. Local Knowledge
05:38 The Dynamic Character of Economic Life
06:52 The Price System
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