Lesson 8 Lesson 8: The Knowledge Problem
Presented by: Dr. Daniel Hammond
Wake Forest University
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.
F. A. Hayek
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.
Hayek on Economics and Knowledge by Marginal Revolution UniversityPlay Now
Why Private Investment Works & Govt. Investment Doesn’t (Burt Folsom, Prager University)Play Now
James Gwartney et al., Common Sense Economics, pp. 132-169Read Now
F.A. Hayek, “The Use of Knowledge in Society,” H.1–H.31Read Now
F.A. Hayek, “The Pretense of Knowledge.”Read Now