Information, Knowledge and the Close of Friedrich Hayek's System: A Comment
AbstractElias Khalil's "Information, Knowledge and the Close of Friedrich Hayek's System," argues that an internal contradiction exists within Hayek's political economy relating to his use of information and knowledge. As a result, Khalil argues that neither Hayek's critique of planning nor his defense of liberalism are coherent. To the contrary, this paper argues that Khalil has misread Hayek's work in economics and political economy and that once Hayek's work is placed in its appropriate context no internal contradiction exists. Furthermore, this paper argues that Hayek's economics and political economy are grounded in his recognition of the cognitive imperfections of man and thus Hayek represents an approach to political economy which seeks to identify "robust" institutions as opposed to ideal institutions.
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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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- Elias L. Khalil, 2002. "Information, Knowledge and the Close of Friedrich Hayek's System: A Comment," Eastern Economic Journal, Eastern Economic Association, vol. 28(3), pages 319-341, Summer.
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