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Information, Knowledge and the Close of Friedrich Hayek's System: A Comment

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Author Info
Elias L. Khalil () (American Institute for Economic Research, Vassar College)

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Abstract

The paper argues that there are two separate orders implied in Hayek's open society: market order and liberal order. The distinction rests on a difference between, what is called here, information and knowledge. While information is about facts such as prices, knowledge expresses the agent's belief about the world. Hayek argues that market order is superior to planned order because information is inherently dispersed. He also argues that liberal order is superior to communal order because the development of knowledge is innately personal. The paper contends that Hayek's arguments cannot be conclusively derived from his theories of information and knowledge.

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File URL: http://college.holycross.edu/eej/Volume28/V28N3P319_341.pdf
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Publisher Info
Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 28 (2002)
Issue (Month): 3 (Summer)
Pages: 319-341
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Handle: RePEc:eej:eeconj:v:28:y:2002:i:3:p:319-341

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Related research
Keywords: Information; Knowledge; Friedrich Hayek;

Other versions of this item:

Find related papers by JEL classification:
B31 - Schools of Economic Thought and Methodology - - History of Thought: Individuals - - - Individuals
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Bolton, Patrick & Farrell, Joseph, 1990. "Decentralization, Duplication, and Delay," Journal of Political Economy, University of Chicago Press, vol. 98(4), pages 803-26, August. [Downloadable!] (restricted)
    Other versions:
  2. Williamson, Oliver E, 1983. "Credible Commitments: Using Hostages to Support Exchange," American Economic Review, American Economic Association, vol. 73(4), pages 519-40, September. [Downloadable!] (restricted)
  3. L. A. Boland, 1978. "Time in Economics vs. Economics in Time: The 'Hayek Problem.'," Canadian Journal of Economics, Canadian Economics Association, vol. 11(2), pages 240-62, May. [Downloadable!] (restricted)
  4. Kornai, J, 1979. "Resource-Constrained versus Demand-Constrained Systems," Econometrica, Econometric Society, vol. 47(4), pages 801-19, July. [Downloadable!] (restricted)
  5. Heiner, Ronald A, 1983. "The Origin of Predictable Behavior," American Economic Review, American Economic Association, vol. 73(4), pages 560-95, September. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Peter J. Boettke, 2002. "Information, Knowledge and the Close of Friedrich Hayek's System: A Comment," Eastern Economic Journal, Eastern Economic Association, vol. 28(3), pages 343-349, Summer. [Downloadable!]
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This page was last updated on 2009-10-22.

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