The Use of Knowledge in Society
An article written from a scholarly point of view in 1945 which critically examines the concept of a planned economy while highlighting the efficiencies of a decentralized market structure (as propounded by Ludwig von Mises and the Austrian School of Economics). Hayek, famous for stating von Mises' complex theories in more understandable terms, highlights in this short paper the important role of "localized information" in a decentralized economic structure, which is unavailable to central planners, comparing their purely theoretical arguments against real "free market" statistics that have been proven over time and practice to produce better results. (Summary by msfry/progressingamerica)
Genre(s): Mathematics
Language: English
| Section | Chapter | Reader | Time |
|---|---|---|---|
| Play 01 | Introduction | Stacey Malcolm |
00:05:25 |
| Play 02 | The Use of Knowledge in Society | MaryT |
00:06:22 |
| Play 03 | Uncommon Knowledge | Ted Lienhart |
00:05:12 |
| Play 04 | The Planner's Dilemma | gont |
00:06:45 |
| Play 05 | Useful Individual Knowledge | antonyjc66 |
00:04:26 |
| Play 06 | "Miracle" of the Price System | Ted Lienhart |
00:10:27 |