Lesson 8: The Knowledge Problem | Intercollegiate Studies Institute

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How Markets Work
5 Units 3H 45M

Lesson 8 Lesson 8: The Knowledge Problem

Presented by: Dr. Daniel Hammond
Wake Forest University

Playlist

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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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

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Video

Hayek on Economics and Knowledge by Marginal Revolution University

Video

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

PDF

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

PDF

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

PDF

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

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