Here’s the core of Stephen Marglin’s “Two Cheers for Hayek” argument, justaposing the claims of market coordinated local knowledge against the claims of community. In sum, “we have enough, let’s slow down”:
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This is excellent stuff: recently, [Iain Couzin] has modelled the behaviour of shoals of fish. He posited that how they swim will depend on each individual’s competing tendencies to stick close to the others (and thus move in the same direction as them) while not actually getting too close to any particular other fish. It . . . → Read More: LOCAL KNOWLEDGE & SPONTANEOUS ORDER .. IN A SHOAL OF FISH
A visiting Federal Reserve scholar attempts to explicate the difference between Hayek’s explanatory universe and the Arrow-Debreu explanatory universe using the conceptual language / conceptual straight jacket of . . . Arrow and Debreu: Arrow and Debreu showed that allocations will be Pareto efficient even in economies in which time and uncertainty are explicitly represented. . . . → Read More: Hayek vs Arrow & Debreu
Tim Harford: A new reality television show, Undercover Boss – which has migrated to the US after airing on Channel 4 last summer – tries to tap into the dissonance between bosses and front-line staff by filming as a senior executive works incognito in the trenches. It is a delicious premise. When bosses must don . . . → Read More: Organizations & the Local Knowledge Problem
See Elinor Ostrom & Charlotte Hess, “Ideas, Artifacts, and Facilities: Information as a Common-Pool Resource”. Olstrom also frequently cites Hayek’s work on social rules and local knowledge in many of her books & book articles and in her journal publications. Most frequently Olstrom cites Hayek’s Law, Legislation and Liberty and Hayek’s “The Use of Knowledge . . . → Read More: Elinor Ostrom Endorses Hayek’s Model of Economic Science
“there is no such thing as “too much Hayek” … “ Here’s the link. Let me also recommend this one. Elsewhere in the blogosphere, Nonoy Oplas updates the “Rule of Law” entry at Wikipedia.
A look at Friedrick Hayek’s work on complexity theory from math complexity theorist Barkley Rosser (doc). For newbees, the article helpfully reviews a few important issues in the literature, brings attention to the work of Roger Koppl, and has a useful introductory bibliography. Rosser, unfortunately, fails the engage the most fundamental –and scientifically challenging — . . . → Read More: How Complex is Barkley Rosser?
Hayek consistently asserted that the work of John Maynard Keynes was a retrograde throwback to the backward looking, pre-marginalist, objective cost, distributional thought of the classical British economists, a brand of thinking that had been smuggled into post-marginalist economics by Alfred Marshall. For Hayek, the modern marginalist economics of Menger, Knight, Wieser, and Jevons looked . . . → Read More: interview: 1936 — Hayek’s Breakthrough Year
 Comments are closed  Alfred Marshall, Division of Knowledge, Interview, Keynes, Limits to Knowledge, Local Knowledge Local knowledge, tacit understanding, and the Hayek-Knight entrepreneur vs. Schumpeter’s vision of the entrepreneur as hero and the Neoclassical vision of the entrepreneur as math function — a conversation with economist Amar Bhide. Highly recommended. I particularly enjoyed the discussion of financial economics, securitized mortgages, and the ratings agencies.
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