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

  • Elias L. Khalil


    (American Institute for Economic Research
    Vassar College)

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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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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  1. Buchanan, James M. & Vanberg, Viktor J., 1991. "The Market as a Creative Process," Economics and Philosophy, Cambridge University Press, vol. 7(02), pages 167-186, October.
  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.
  3. Bolton, Patrick & Farrell, Joseph, 1990. "Decentralization, Duplication, and Delay," Journal of Political Economy, University of Chicago Press, vol. 98(4), pages 803-26, August.
  4. 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.
  5. Kornai, J, 1979. "Resource-Constrained versus Demand-Constrained Systems," Econometrica, Econometric Society, vol. 47(4), pages 801-19, July.
  6. Heiner, Ronald A, 1983. "The Origin of Predictable Behavior," American Economic Review, American Economic Association, vol. 73(4), pages 560-95, September.
  7. Kavka, Gregory S., 1991. "Is Individual Choice Less Problematic than Collective Choice?," Economics and Philosophy, Cambridge University Press, vol. 7(02), pages 143-165, October.
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