Hayek: Economic models in the context of a pandemic and the information society Phuah Eng Chye (24 October 2020) During the 1940s when scientific planning, conscious organization of industry and socialism were fashionable, Friedrich A. Hayek argued it was a fallacy to believe a whole economic system could be directed “according to one unified plan”. … “Hayek: Economic models in the context of a pandemic and the information society”
Month: October 2020
Hayek: The coordination problem, prices and information
Hayek: The coordination problem, prices and information Phuah Eng Chye (10 October 2020) “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 … “Hayek: The coordination problem, prices and information”