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How Markets Work

5 Units   3H 45M
Parts
  • Introduction
  • The Price System
    • Lesson 1: The Invisible Hand
    • Lesson 2: Economic Choices
    • Lesson 3: Supply & Demand
  • Pre-Conditions for Wealth
    • Lesson 4: Property Rights
    • Lesson 5: Legal Institutions
    • Lesson 6: Virtue
  • The Entrepreneur
    • Lesson 7: The Entrepreneur
    • Lesson 8: The Knowledge Problem
    • Lesson 9: Spontaneous Order
  • Money
    • Lesson 10: The National Economy, Part 1
    • Lesson 11: The National Economy, Part 2
    • Lesson 12: Monetary Policy
  • Economic Growth
    • Lesson 13: Trade
    • Lesson 14: Poverty
    • Lesson 15: The Economic Future

Lesson 8 Lesson 8: The Knowledge Problem

Presented by: Dr. Daniel Hammond
Wake Forest University

Playlist

  1. The Pretense of Knowledge, Part 1
  2. The Pretense of Knowledge, Part 2
  3. The Pretense of Knowledge, Part 3

The Pretense of Knowledge

You might have heard it said that we live in a knowledge economy. But what does that mean? In this lesson you will learn that it means no one person has as much knowledge as all of us together. Economies flourish when knowledge is decentralized and planning is coordinated through a system of prices and private property.

Lesson Eight Quiz

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HMW Lesson 8: The Knowledge Problem

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To assume all the knowledge to be given to a single mind...is to disregard everything that is important and significant in the real world.

F. A. Hayek

Learn More

h Video

Hayek on Economics and Knowledge by Marginal Revolution University

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h Video

Why Private Investment Works & Govt. Investment Doesn’t (Burt Folsom, Prager University)

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h PDF

James Gwartney et al., Common Sense Economics, pp. 132-169

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h PDF

F.A. Hayek, “The Use of Knowledge in Society,” H.1–H.31

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h PDF

F.A. Hayek, “The Pretense of Knowledge.”

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How Markets Work

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