Elias 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.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Volume (Year): 28 (2002) Issue (Month): 3 (Summer) Pages: 343-349 Download reference. The following formats are available: HTML
(with abstract),
plain text
(with abstract),
BibTeX,
RIS (EndNote, RefMan, ProCite),
ReDIF
Contact details of provider: Postal: c/o Iona College, 715 North Avenue, New Rochelle, New York 10801-1890 USA Phone: (914) 633-2088 Fax: (914) 633-2549 Email: Web page: http://www.iona.edu/eea/ More information through EDIRC
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.: