Information, Knowledge and the Close of Friedrich Hayek's System: A Comment
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.
Volume (Year): 28 (2002)
Issue (Month): 3 (Summer)
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- Bolton, Patrick & Farrell, Joseph, 1990. "Decentralization, Duplication, and Delay," Journal of Political Economy, University of Chicago Press, vol. 98(4), pages 803-826, August.
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