Information, Knowledge and the Close of Friedrich Hayek's System: A Comment
AbstractThe 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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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 28 (2002)
Issue (Month): 3 (Summer)
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Information; Knowledge; Friedrich Hayek;
Find related papers by JEL classification:
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
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