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

  • Peter J. Boettke

    ()

    (James M. Buchanan Center for Political Economy, George Mason University)

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.

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File URL: http://college.holycross.edu/RePEc/eej/Archive/Volume28/V28N3P343_349.pdf
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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: 343-349

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Handle: RePEc:eej:eeconj:v:28:y:2002:i:3:p:343-349
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  1. 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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