Category Archives: Local Knowledge

VIDEO — STEPHEN MARGLIN & WILL WILKINSON DISCUSS HAYEK

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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LOCAL KNOWLEDGE & SPONTANEOUS ORDER .. IN A SHOAL OF FISH

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 … Continue reading

Posted in Local Knowledge, Spontaneous Order | 3 Comments

Bill Wittle — liberty, local knowledge & the American people versus elitism, leftist illusion & the ruling class

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Hayek vs Arrow & Debreu

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 … Continue reading

Posted in Arrow, Debreu, Information, Local Knowledge | 5 Comments

Organizations & the Local Knowledge Problem

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 … Continue reading

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Elinor Ostrom Endorses Hayek’s Model of Economic Science

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. … Continue reading

Posted in Local Knowledge, Rule Following | 2 Comments