Saturday, January 8, 2022

Ñublense Vs Audax : Los goles de la 17ª fecha del Campeonato Nacional | CDF.CL - Get a summary of the ñublense vs.

The result at the end of the game seems to be completely open. Atletico nublense take on audax italiano in the 2021 clausura on tuesday, june 8, 2021. Nublense and audax italiano are going nearly equal strong into this match. Compare form, standings position and many match statistics. Predictions for ñublense vs audax italiano, check out the tips that users have made for the match campeonato afp planvital 2021.

Predictions, h2h, statistics and live score. Trực tiếp Audax Italiano vs Colo-Colo lúc 04:00 ngày 29/10
Trực tiếp Audax Italiano vs Colo-Colo lúc 04:00 ngày 29/10 from xoilac.cc
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Compare form, standings position and many match statistics.

View the audax italiano vs. Compare nublense and audax italiano. Predictions for ñublense vs audax italiano, check out the tips that users have made for the match campeonato afp planvital 2021. Atletico nublense take on audax italiano in the 2021 clausura on tuesday, june 8, 2021. Predictions, h2h, statistics and live score. Head to head information (h2h). Compare form, standings position and many match statistics. Get a summary of the ñublense vs. Stats comparison, h2h, odds, football analysis . Primera división live commentary for audax italiano v ñublense on 19 october 2021, includes full match statistics and key events, . How to watch the audax italiano vs ñublense live stream video. The result at the end of the game seems to be completely open. Nublense game played on october 19, 2021.

Head to head information (h2h). Atletico nublense take on audax italiano in the 2021 clausura on tuesday, june 8, 2021. Get a summary of the ñublense vs. The result at the end of the game seems to be completely open. Nublense and audax italiano are going nearly equal strong into this match.

Compare nublense and audax italiano. Colo Colo vs. Ã
Colo Colo vs. Ã'ublense: Día y horario de la revancha por from www.24horas.cl
Compare form, standings position and many match statistics. Primera división live commentary for audax italiano v ñublense on 19 october 2021, includes full match statistics and key events, . Get a summary of the ñublense vs. Head to head information (h2h). Atletico nublense take on audax italiano in the 2021 clausura on tuesday, june 8, 2021. Compare nublense and audax italiano. View the audax italiano vs. Predictions, h2h, statistics and live score.

Primera división live commentary for audax italiano v ñublense on 19 october 2021, includes full match statistics and key events, .

Atletico nublense take on audax italiano in the 2021 clausura on tuesday, june 8, 2021. Head to head information (h2h). The result at the end of the game seems to be completely open. How to watch the audax italiano vs ñublense live stream video. Stats comparison, h2h, odds, football analysis . Get a summary of the ñublense vs. Predictions, h2h, statistics and live score. View the audax italiano vs. Audax italiano,ñublense vs audax italiano,audax italiano vs ñublense,audax italiano vs,ñublense audax italiano,ñublense vs,ñublense audax . Predictions for ñublense vs audax italiano, check out the tips that users have made for the match campeonato afp planvital 2021. Compare form, standings position and many match statistics. Primera división live commentary for audax italiano v ñublense on 19 october 2021, includes full match statistics and key events, . Nublense and audax italiano are going nearly equal strong into this match.

View the audax italiano vs. How to watch the audax italiano vs ñublense live stream video. Stats comparison, h2h, odds, football analysis . Audax italiano,ñublense vs audax italiano,audax italiano vs ñublense,audax italiano vs,ñublense audax italiano,ñublense vs,ñublense audax . Head to head information (h2h).

Nublense game played on october 19, 2021. » No bastó con el ímpetu de los jóvenes: Ã
» No bastó con el ímpetu de los jóvenes: Ã'ublense goleó a from www.prensafutbol.cl
Stats comparison, h2h, odds, football analysis . How to watch the audax italiano vs ñublense live stream video. Compare nublense and audax italiano. Predictions, h2h, statistics and live score. Atletico nublense take on audax italiano in the 2021 clausura on tuesday, june 8, 2021. Predictions for ñublense vs audax italiano, check out the tips that users have made for the match campeonato afp planvital 2021. Compare form, standings position and many match statistics. The result at the end of the game seems to be completely open.

Head to head information (h2h).

Stats comparison, h2h, odds, football analysis . Compare nublense and audax italiano. Head to head information (h2h). Get a summary of the ñublense vs. Primera división live commentary for audax italiano v ñublense on 19 october 2021, includes full match statistics and key events, . Nublense and audax italiano are going nearly equal strong into this match. Nublense game played on october 19, 2021. Audax italiano,ñublense vs audax italiano,audax italiano vs ñublense,audax italiano vs,ñublense audax italiano,ñublense vs,ñublense audax . The result at the end of the game seems to be completely open. How to watch the audax italiano vs ñublense live stream video. Predictions, h2h, statistics and live score. Compare form, standings position and many match statistics. Atletico nublense take on audax italiano in the 2021 clausura on tuesday, june 8, 2021.

Ñublense Vs Audax : Los goles de la 17ª fecha del Campeonato Nacional | CDF.CL - Get a summary of the ñublense vs.. Primera división live commentary for audax italiano v ñublense on 19 october 2021, includes full match statistics and key events, . Predictions, h2h, statistics and live score. Atletico nublense take on audax italiano in the 2021 clausura on tuesday, june 8, 2021. Audax italiano,ñublense vs audax italiano,audax italiano vs ñublense,audax italiano vs,ñublense audax italiano,ñublense vs,ñublense audax . Stats comparison, h2h, odds, football analysis .

Nublense and audax italiano are going nearly equal strong into this match ñublense vs. Get a summary of the ñublense vs.
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Friday, January 7, 2022

Monmouth County Nj Things To Do / Tornado Watch Issued for Ocean County | Lavallette-Seaside

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Sample monmouth county's terrific parent/child nature programs, the parks and historical farms in morris county, a little gem of an apple picking orchard in .

P · paramount theatre (asbury park, new jersey) · peppadew fresh vineyards · pier village · pnc bank arts center . Here's what is happening this weekend in your county parks:. 5 things to do in monmouth county this weekend: Top 10 best things to do in monmouth county, nj · foods of ny tours · pleasant valley lavender · monster mini golf · the historic village at allaire · nj atv rentals. Sample monmouth county's terrific parent/child nature programs, the parks and historical farms in morris county, a little gem of an apple picking orchard in . Best things to do in monmouth county · count basie theatre · seven presidents ocean front park · historic allaire village · downtown shopping · sandy hook lighthouse. Things to do with the kids in monmouth county, new jersey · gateway national recreation area · monmouth battlefield state park · travel tips video · wemrock orchard. Visit local golf courses, jenkinson's aquarium, and the beach. Allaire village · golf courses. Court house · light houses. Freehold township is a small community in monmouth county, new jersey that is home to the historic site of the battle of monmouth, . Sandy hook light · museums. Beautiful parks, great activities and you!

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Things to do with the kids in monmouth county, new jersey · gateway national recreation area · monmouth battlefield state park · travel tips video · wemrock orchard.

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Explore monmouth county tourist attractions from the shore club, near spring lake, nj. Things to do with the kids in monmouth county, new jersey · gateway national recreation area · monmouth battlefield state park · travel tips video · wemrock orchard. Best things to do in monmouth county · count basie theatre · seven presidents ocean front park · historic allaire village · downtown shopping · sandy hook lighthouse. Sandy hook light · museums. Allaire village · golf courses. Court house · light houses. Sample monmouth county's terrific parent/child nature programs, the parks and historical farms in morris county, a little gem of an apple picking orchard in . Here's what is happening this weekend in your county parks:.

Things to do in monmouth county, nj · cultural & historic sites.

Visit local golf courses, jenkinson's aquarium, and the beach. Best things to do in monmouth county · count basie theatre · seven presidents ocean front park · historic allaire village · downtown shopping · sandy hook lighthouse. Explore monmouth county tourist attractions from the shore club, near spring lake, nj. Beautiful parks, great activities and you! Here's what is happening this weekend in your county parks:. Sample monmouth county's terrific parent/child nature programs, the parks and historical farms in morris county, a little gem of an apple picking orchard in . Allaire village · golf courses. Things to do in monmouth county, nj · cultural & historic sites. Sandy hook light · museums. Top 10 best things to do in monmouth county, nj · foods of ny tours · pleasant valley lavender · monster mini golf · the historic village at allaire · nj atv rentals. P · paramount theatre (asbury park, new jersey) · peppadew fresh vineyards · pier village · pnc bank arts center . Things to do with the kids in monmouth county, new jersey · gateway national recreation area · monmouth battlefield state park · travel tips video · wemrock orchard. Freehold township is a small community in monmouth county, new jersey that is home to the historic site of the battle of monmouth, .

Monmouth County Nj Things To Do / Tornado Watch Issued for Ocean County | Lavallette-Seaside. Visit local golf courses, jenkinson's aquarium, and the beach. Sandy hook light · museums. Best things to do in monmouth county · count basie theatre · seven presidents ocean front park · historic allaire village · downtown shopping · sandy hook lighthouse. Freehold township is a small community in monmouth county, new jersey that is home to the historic site of the battle of monmouth, . Things to do with the kids in monmouth county, new jersey · gateway national recreation area · monmouth battlefield state park · travel tips video · wemrock orchard.

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Wednesday, December 29, 2021

Friedrich Hayek the Use of Knowledge in Society

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 · 443 ratings  · 37 reviews
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Laura Méndez
Summary:

'Each individual only knows a small fraction of what is known collectively – and that as a result, decisions are best made by those with local knowledge rather than by a central authority'

 Summary:

'Each individual only knows a small fraction of what is known collectively – and that as a result, decisions are best made by those with local knowledge rather than by a central authority'

 ...more
Alex
Jul 30, 2018 rated it really liked it
Not as good an indictment of socialism as Economic Calculation in the Socialist Commonwealth, but still a valuable read. Hayek describes the knowledge-deficit of actors in a socialist economy quite well, and also offers valuable thoughts on the nature of the market. The market, he says, is spontaneous, decentralized, and it works for precisely these reasons. While I have moved on from some of Hayeks theories (I share Hoppes judgement that the knowledge-argument proves too much, at least when it' Not as good an indictment of socialism as Economic Calculation in the Socialist Commonwealth, but still a valuable read. Hayek describes the knowledge-deficit of actors in a socialist economy quite well, and also offers valuable thoughts on the nature of the market. The market, he says, is spontaneous, decentralized, and it works for precisely these reasons. While I have moved on from some of Hayeks theories (I share Hoppes judgement that the knowledge-argument proves too much, at least when it's applied too strictly), I cannot say that this essay didn't have a positive effect on my understanding of economics. ...more
Gavin
May 29, 2021 rated it really liked it
this view alone:

'Today it is almost heresy to suggest that scientific knowledge is not the sum of all knowledge. But a little reflection will show that there is beyond question a body of very important but unorganized knowledge which cannot possibly be called scientific in the sense of knowledge of general rules: the knowledge of the particular circumstances of time and place. It is with respect to this that practically every individual has some advantage over all others because he possesses uni

 this view alone:

'Today it is almost heresy to suggest that scientific knowledge is not the sum of all knowledge. But a little reflection will show that there is beyond question a body of very important but unorganized knowledge which cannot possibly be called scientific in the sense of knowledge of general rules: the knowledge of the particular circumstances of time and place. It is with respect to this that practically every individual has some advantage over all others because he possesses unique information of which beneficial use might be made, but of which use can be made only if the decisions depending on it are left to him or are made with his active coöperation. We need to remember only how much we have to learn in any occupation after we have completed our theoretical training, how big a part of our working life we spend learning particular jobs, and how valuable an asset in all walks of life is knowledge of people, of local conditions, and of special circumstances. To know of and put to use a machine not fully employed, or somebody's skill which could be better utilized, or to be aware of a surplus stock which can be drawn upon during an interruption of supplies, is socially quite as useful as the knowledge of better alternative techniques. And the shipper who earns his living from using otherwise empty or half-filled journeys of tramp-steamers, or the estate agent whose whole knowledge is almost exclusively one of temporary opportunities, or the
arbitrageur who gains from local differences of commodity prices, are all performing eminently useful functions based on special knowledge of circumstances of the fleeting moment not known to others.'

 ...more
Sean Rosenthal
'The price system is just one of those formations which man has learned to use . . . after he had stumbled upon it without understanding it. Through it not only a division of labor but also a coördinated utilization of resources based on an equally divided knowledge has become possible. The people who like to deride any suggestion that this may be so usually distort the argument by insinuating that it asserts that by some miracle just that sort of system has spontaneously grown up which is best 'The price system is just one of those formations which man has learned to use . . . after he had stumbled upon it without understanding it. Through it not only a division of labor but also a coördinated utilization of resources based on an equally divided knowledge has become possible. The people who like to deride any suggestion that this may be so usually distort the argument by insinuating that it asserts that by some miracle just that sort of system has spontaneously grown up which is best suited to modern civilization. It is the other way round: man has been able to develop that division of labor on which our civilization is based because he happened to stumble upon a method which made it possible.' ...more
Adrian
Apr 20, 2021 rated it really liked it
A peculiar essay exploring the distribution of knowledge in society from a POV of an early 20th century economist and philosopher in a similar matter one would talk about distribution of 'capital' in this time period. Some points retain validity up to this day better than others. One paragraph that stuck with me though is:

One reason why economists are increasingly apt to forget about the constant small changes which make up the whole economic picture is probably their growing preoccupation with

A peculiar essay exploring the distribution of knowledge in society from a POV of an early 20th century economist and philosopher in a similar matter one would talk about distribution of 'capital' in this time period. Some points retain validity up to this day better than others. One paragraph that stuck with me though is:

One reason why economists are increasingly apt to forget about the constant small changes which make up the whole economic picture is probably their growing preoccupation with statistical aggregates, which show a very much greater stability than the movements of the detail. The comparative stability of the aggregates cannot, however, be accounted for - as the statisticians seem occasionally to be inclined to do-by the 'law of large numbers' or the mutual compensation of random changes. The number of elements with which we have to deal is not large enough for such accidental forces to produce stability.

Written in 1945, Hayek correctly pointed out a possibly worrisome trend of generating an increasingly complex and interconnected structures of information, without controlling or understanding their individual elements.

...more
Melanie
No one knows everything, this begs the question: WHO then gets to organize our complex social systems, specifically our economic system?
A brief explanation on individual actions, unknowingly shared knowledge, prices and economy.

The whole world is connected and society can advance because of every single decision we make through our complete understanding of the world as a group - selfish individuals looking out for themselves.

Awesome!
Matthias
An essential essay, in which Hayek argues that a decentralized market economy is superior to a centrally planned economy because of its better capacity in using knowledge (especially tacit knowledge - the type of individual knowledge that can't be communicated) and in efficiently adapting to continuous change in detailed circumstances (because the ones directly exposed to them will be the ones to adapt). An essential essay, in which Hayek argues that a decentralized market economy is superior to a centrally planned economy because of its better capacity in using knowledge (especially tacit knowledge - the type of individual knowledge that can't be communicated) and in efficiently adapting to continuous change in detailed circumstances (because the ones directly exposed to them will be the ones to adapt). ...more
Russell Choy
Oct 21, 2020 rated it really liked it
'The problem is thus in no way solved if we can show that all the facts, if they were known to a single mind (as we hypothetically assume them to be given to the observing economist), would uniquely determine the solution; instead we must show how a solution is produced by the interactions of people each of whom possesses only partial knowledge. To assume all the knowledge to be given to a single mind in the same manner in which we assume it to be given to us as the explaining economists is to a 'The problem is thus in no way solved if we can show that all the facts, if they were known to a single mind (as we hypothetically assume them to be given to the observing economist), would uniquely determine the solution; instead we must show how a solution is produced by the interactions of people each of whom possesses only partial knowledge. To assume all the knowledge to be given to a single mind in the same manner in which we assume it to be given to us as the explaining economists is to assume the problem away and to disregard everything that is important and significant in the real world.'

Interesting analysis of the nature of imperfect information in an economy and how we must be aware of this problem in order to maximise efficiency (instead of following mathematical formulae etc). Because no one has all knowledge about everything, no one must be allowed to make all choices in an economy. For Hayek, this is the function of prices, which allow people to make individual decisions based on the factors that are purely relevant to them.

'We must look at the price system as such a mechanism for communicating information if we want to understand its real function—a function which, of course, it fulfils less perfectly as prices grow more rigid. (Even when quoted prices have become quite rigid, however, the forces which would operate through changes in price still operate to a considerable extent through changes in the other terms of the contract.) The most significant fact about this system is the economy of knowledge with which it operates, or how little the individual participants need to know in order to be able to take the right action. In abbreviated form, by a kind of symbol, only the most essential information is passed on and passed on only to those concerned.'

Definitely feels like he's inspired some pretty smart people (like Sowell).

 ...more
Joseph Knecht
Jun 17, 2018 rated it really liked it
Hayak simply advocates the use of Laissez Faire capitalism as a most efficient way to organize knowledge for the benefit of most of humanity. No single mind, entity, dictator, no matter how smart he is can make the best decision that delivers the most good to most people. Only when those decisions are made at the edge, by single individuals we have the optimal delivery of value. The invisible hand of Adam Smith does work and that is marvelous.

Quotes:
-The peculiar character of the problem of a

Hayak simply advocates the use of Laissez Faire capitalism as a most efficient way to organize knowledge for the benefit of most of humanity. No single mind, entity, dictator, no matter how smart he is can make the best decision that delivers the most good to most people. Only when those decisions are made at the edge, by single individuals we have the optimal delivery of value. The invisible hand of Adam Smith does work and that is marvelous.

Quotes:
-The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess.

-This is not a dispute about whether planning is to be done or not. It is a dispute as to whether planning is to be done centrally, by one authority for the whole economic system, or is to be divided among many individuals.'

-Civilization advances by extending the number of important operations which we can perform without thinking about them.

-..emphasizes that the essential utility of the price system consists in inducing the individual, while seeking his own interest, to do what is in the general interest...

 ...more
Vladislav Hramtsov
'some form of decentralization' = on-chain liquid democracy

'If we can agree that the economic problem of society is mainly one of rapid adaptation to changes in the particular circumstances of time and place, it would seem to follow that the ultimate decisions must be left to the people who are familiar with these circumstances, who know directly of the relevant changes and of the resources immediately available to meet them. We cannot expect that this problem will be solved by first communicat

 'some form of decentralization' = on-chain liquid democracy

'If we can agree that the economic problem of society is mainly one of rapid adaptation to changes in the particular circumstances of time and place, it would seem to follow that the ultimate decisions must be left to the people who are familiar with these circumstances, who know directly of the relevant changes and of the resources immediately available to meet them. We cannot expect that this problem will be solved by first communicating all this knowledge to a central board which, after integrating
all knowledge, issues its orders. We must solve it by some form of decentralization. But this answers only part of our problem. We need decentralization because only thus can we insure that the knowledge of the particular circumstances of time and place will be promptly used. But the 'man on the spot' cannot decide solely on the basis of his limited but intimate knowledge of the facts of his immediate surroundings. There still remains the problem of communicating to him such further information as he needs to fit his decisions into the whole pattern of changes of the larger economic system.'

 ...more
Carlos
Apr 14, 2021 rated it really liked it
1. The economic problem is a problem of information distribution. As Hayek puts it, it is 'not merely a problem of how to allocate 'given' resources-if 'given' is taken to mean given to a single mind which deliberately solves the problem set by these 'data.' It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only these individuals know. Or, to put it briefly, it is a problem of the utilization of knowledge 1. The economic problem is a problem of information distribution. As Hayek puts it, it is 'not merely a problem of how to allocate 'given' resources-if 'given' is taken to mean given to a single mind which deliberately solves the problem set by these 'data.' It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only these individuals know. Or, to put it briefly, it is a problem of the utilization of knowledge not given to anyone in its totality.'

2. Unlike scientific knowledge, which is the knowledge of what can be generalized, the majority of data required for economic planning is distributed, ever-changing, and can hardly be aggregated via statistics (e.g., whimsical individual preferences). This 'knowledge of the particular' may be constantly frowned upon in our 'modern' (viz. bunch-of-hairless-apes-deifying-science) age, yet economic rewards are obtained by satisfying particular needs, not grand theories.

3. Attempting to centralize this 'knowledge of the particular' for the purpose of economic planning is a risky endeavor, as data might be missing, or out of date, or averaged into oblivion. Consequences should therefore be felt in their entirety by the planners, to ensure a feedback loop - and this is why government planning (i.e., central planning that by force distributes consequences among everyone, not just the planners) is a no-no.

 ...more
Alfredo
Sep 08, 2020 rated it really liked it
A great essay about knowledge and spontaneous order in society. It explains why central planning is usually not the answer to resolve social problems. Also to understand the importance of (free) prices in an economy. And it is a reminder that scientific knowledge is not necessarily the best kind of knowledge.

Some important ideas:
The economic problem is not one of allocation of resources, but a problem of how to use best the knowledge of society to achieve individual goals. This knowledge is disp

 A great essay about knowledge and spontaneous order in society. It explains why central planning is usually not the answer to resolve social problems. Also to understand the importance of (free) prices in an economy. And it is a reminder that scientific knowledge is not necessarily the best kind of knowledge.

Some important ideas:
The economic problem is not one of allocation of resources, but a problem of how to use best the knowledge of society to achieve individual goals. This knowledge is dispersed in millions of people, can not be given to a central authority because It is knowledge of particular circumstances of space and time. This kind of knowledge can only be transmitted by the marvelous price system. This system is not the result of human design but of human action.

 ...more
Jonathan Stein
Apr 19, 2019 rated it really liked it
Hayek's essay on the deployment and dissemination of various types of knowledge from primary sources to the rest of society is a paramount read to understanding one of the main problems in economics. Although the efficient allocation of physical resources is at the center of the economic order, one of the most important non-physical resources is knowledge. Both his analogies and practical examples serve to be great representations of the 'economic planning' aspects of our world. Hayek's essay on the deployment and dissemination of various types of knowledge from primary sources to the rest of society is a paramount read to understanding one of the main problems in economics. Although the efficient allocation of physical resources is at the center of the economic order, one of the most important non-physical resources is knowledge. Both his analogies and practical examples serve to be great representations of the 'economic planning' aspects of our world. ...more
Sean Hinnenkamp
Quick and good read on the reality of incomplete knowledge possessed by any one individual in the economy. Leading to the conditions that result in a poorly planned future, grounded on antiquated principles given the complexities of the time and place of which they occur.
Sathyanarayanan D
By far the simple yet powerful indictment of the stupidity of centralized economic planning or in other words the foolishness of Socialist Economic theory.' By far the simple yet powerful indictment of the stupidity of centralized economic planning or in other words the foolishness of Socialist Economic theory.' ...more
Pechague
Jan 02, 2019 rated it it was amazing
The best explanation of how an impersonal order works I've ever read. The best explanation of how an impersonal order works I've ever read. ...more
Mila
Feb 15, 2019 rated it really liked it
Hayek is one of those thinkers that puts forth excellent premises with questionable conclusions. Not someone I'm in full agreement with; but the Use of Knowledge is quite a good one.
Younès Kamel
Dec 31, 2020 rated it it was amazing
Masterful. If you have to read only one text in economics read this one.
Luciano
Jan 25, 2021 rated it it was amazing
This review has been hidden because it contains spoilers. To view it, click here. Mostly about pricing, but even though good
Sam
Nov 13, 2021 rated it it was amazing
an incredible essay. it makes you rethink prices altogether, as a form of information.
Yuthea Sum
Nov 29, 2021 rated it it was amazing
The underlying psychology of an individual's knowledge and their vision along with their self-image is that they can either affect the use of knowledge or BURY it forever... The underlying psychology of an individual's knowledge and their vision along with their self-image is that they can either affect the use of knowledge or BURY it forever... ...more
Ebookwormy1
Greg K
To be honest - this didn't age well. The anti-central planning sentiment should not require 12 pages of printed text, because errors and misjudgments are seeping in with every unnecessary paragraph.

I appreciate the historic context and the novelty at the time, but time has shown that the world described isn't black and white.

 To be honest - this didn't age well. The anti-central planning sentiment should not require 12 pages of printed text, because errors and misjudgments are seeping in with every unnecessary paragraph.

I appreciate the historic context and the novelty at the time, but time has shown that the world described isn't black and white.

 ...more
Slavomir Ogurcak
Little spoiler, yes, it is about the meaning of price in economy and society. If not, then I didnt pay enough attention because it was boring and professorialy written
Robert
Sep 19, 2015 rated it it was amazing
An accessible essay on economics, one in which the layman can read and have a better understanding of (economic) decision making.

As for the writing itself, Hayek writes in long(er) sentences than (I would assume) most others. But if read carefully and deliberately, the sentence length does not obscure any idea or meaning.

In the essay, Hayek argues that the knowledge in society that is relevant for economic decision making is diffuse, and in particular the knowledge of 'time and place' and othe

 An accessible essay on economics, one in which the layman can read and have a better understanding of (economic) decision making.

As for the writing itself, Hayek writes in long(er) sentences than (I would assume) most others. But if read carefully and deliberately, the sentence length does not obscure any idea or meaning.

In the essay, Hayek argues that the knowledge in society that is relevant for economic decision making is diffuse, and in particular the knowledge of 'time and place' and other local information is impossible to centralize (and this local information of time/place/etc is no less vital than other more scientific knowledge). So he argues that we keep economic decision make decentralized. But then the question is how does the local decision maker get all the other relevant knowledge (besides that time/place stuff)? Because that industrial production knowledge is also important. Hayek says the solution is in the price system - that this is the mechanism which disperses relevant information for production.

Bottom line: central planners cannot know enough to run an economy and we should rely on the price system to guide economic actors.

This may seem uncontroversial - of course you can't k ow everything. But when Hayek wrote this essay in 1945 the prevailing attitude was that central planners could run an economy and run it better and more efficiently than if the economy was left on its own. WWII was just winding up and large economies, the USA in particular, were 'taken over' by central authorities to plan and produce for the war effort. And lo and behold they won. And many of those central planners thought they could and should plan the economy in times of peace as well or else there's be another Depression. So Hayek's thesis in this essay was not the common knowledge or obvious position. It was contrarian.

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Richard Kemp
Feb 08, 2019 rated it it was amazing
Nice short read, minimal jargon. I feel very sorry for Professor Schumpeter to be badmouthed in such an enduringly important publication.

Highlights:

'The comparative stability of the aggregates cannot, however, be accounted for—as the statisticians occasionally seem to be inclined to do—by the 'law of large numbers' or the mutual compensation of random changes. The number of elements with which we have to deal is not large enough for such accidental forces to produce stability. The continuous flo

 Nice short read, minimal jargon. I feel very sorry for Professor Schumpeter to be badmouthed in such an enduringly important publication.

Highlights:

'The comparative stability of the aggregates cannot, however, be accounted for—as the statisticians occasionally seem to be inclined to do—by the 'law of large numbers' or the mutual compensation of random changes. The number of elements with which we have to deal is not large enough for such accidental forces to produce stability. The continuous flow of goods and services is maintained by constant deliberate adjustments, by new dispositions made every day in the light of circumstances not known the day before, by B stepping in at once when A fails to deliver.'

'Assume that somewhere in the world a new opportunity for the use of some raw material, say, tin, has arisen, or that one of the sources of supply of tin has been eliminated. It does not matter for our purpose—and it is very significant that it does not matter—which of these two causes has made tin more scarce. All that the users of tin need to know is that some of the tin they used to consume is now more profitably employed elsewhere and that, in consequence, they must economize tin. … the effect will rapidly spread throughout the whole economic system and influence not only all the uses of tin but also those of its substitutes and the substitutes of these substitutes, the supply of all the things made of tin, and their substitutes, and so on; and all this without the great majority of those instrumental in bringing about these substitutions knowing anything at all about the original cause of these changes. … The mere fact that there is one price for any commodity … brings about the solution.'

'the essential utility of the price system consists in inducing the individual, while seeking his own interest, to do what is in the general interest'

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Favio Villaseñor
there are 2 types of knowledge: the one being technical and analytical and the other the practical, one attemps to see the world as a big system and one focuses on details. society has choosen to give high regards for the former and neglected the importance of the latter. but by doing so we are neglecting one very important tool and thus we cut our selves short in our knowledge of the economical interactions.
i had never before read anything about economy, but this one short essay has made me thi there are 2 types of knowledge: the one being technical and analytical and the other the practical, one attemps to see the world as a big system and one focuses on details. society has choosen to give high regards for the former and neglected the importance of the latter. but by doing so we are neglecting one very important tool and thus we cut our selves short in our knowledge of the economical interactions.
i had never before read anything about economy, but this one short essay has made me think about it. i really liked this one, although to say i have everything understood would be a lie ...more
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