The Use of Knowledge in Society

The Use of Knowledge in Society None

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  • [PDF] The Use of Knowledge in Society | by Ç Friedrich A. Hayek
    332 Friedrich A. Hayek
The Use of Knowledge in Society

  1. Friedrich August von Hayek CH was an Austrian and British economist and philosopher known for his defense of classical liberalism and free market capitalism against socialist and collectivist thought He is considered by some to be one of the most important economists and political philosophers of the twentieth century Hayek s account of how changing prices communicate signals which enable individuals to coordinate their plans is widely regarded as an important achievement in economics Hayek also wrote on the topics of jurisprudence, neuroscience and the history of ideas.Hayek is one of the most influential members of the Austrian School of economics, and in 1974 shared the Nobel Memorial Prize in Economics with Gunnar Myrdal for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena He also received the U.S Presidential Medal of Freedom in 1991 from president George H W Bush.Hayek lived in Austria, Great Britain, the United States and Germany, and became a British subject in 1938.

127 Reply to “The Use of Knowledge in Society”

  1. Summary Each individual only knows a small fraction of what is known collectively and that as a result, decisions are best made by those with local knowledge rather than by a central authority


  2. The price system is just one of those formations which man has learned to use after he had stumbled upon it without understanding it Through it not only a division of labor but also a co rdinated utilization of resources based on an equally divided knowledge has become possible The people who like to deride any suggestion that this may be so usually distort the argument by insinuating that it asserts that by some miracle just that sort of system has spontaneously grown up which is best suited t [...]


  3. No one knows everything, this begs the question WHO then gets to organize our complex social systems, specifically our economic system A brief explanation on individual actions, unknowingly shared knowledge, prices and economy.The whole world is connected and society can advance because of every single decision we make through our complete understanding of the world as a group selfish individuals looking out for themselves.Awesome




  4. By far the simple yet powerful indictment of the stupidity of centralized economic planning or in other words the foolishness of Socialist Economic theory.



  5. An accessible essay on economics, one in which the layman can read and have a better understanding of economic decision making As for the writing itself, Hayek writes in long er sentences than I would assume most others But if read carefully and deliberately, the sentence length does not obscure any idea or meaning In the essay, Hayek argues that the knowledge in society that is relevant for economic decision making is diffuse, and in particular the knowledge of time and place and other local in [...]


  6. More of a pamphlet really, as it turns out I haven t read The Road to Serfdom, but this was recommended to me as an encapsulation of his ideas and it certainly seems to sum them up nicely Hayek s work underpins a lot of libertarian political thought on both sides of the atlantic, with Ayn Rand doing the same job for the knuckle dragging supporters of the same ideas in the tea party movement in the US.


  7. An important essay, in which Hayek argues that a decentralized market economy is superior to a centrally planned economy because of its better capacity in using knowledge especially tacit knowledge the type of individual knowledge that can t be communicated and in efficiently adapting to continuous change in detailed circumstances because the ones directly exposed to them will be the ones to adapt.



  8. One of these rare historical texts which each scientific expert should re read once a year to put his reflections in perspective.





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