Category Archives: Division of Knowledge
Larry Summers: Hayek’s ideas that the price system is a consolidator of information and a distributor of knowledge, as well as simply a way of assuring efficiency and exchange, is probably as penetrating and original an idea as microeconomics produced … Continue reading
From Don Boudreaux. Teachers in particular will want to steal Bourdreaux eye opening thought experiment.
blogs Hayek’s “The Use of Knowledge in Society”.
There’s the famous tin story. There’s the famous pencil story. Now — joining the pantheon of divided knowledge economics — make way for the Cuban toilet paper story.
Where no man has gone before. ht: Instapundit.
English major and Marxist social critic Rob Horning reviews The Myth of the Rational Market: A History of Risk, Reward and Delusion on Wall Street by TIME magazine’s Justin Fox: Fox’s account of the rational market revolves around the long-held … Continue reading