Topic: economics
Topic: localized understanding
Topic: local vs. global
Group: philosophy of science
Topic: limitations of formalism
Topic: law of nature
Topic: models of reality
Topic: change
Topic: statistics
Topic: management
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Reference
Hayek, F.A.,
"The use of knowledge in society",
The American Economic Review, 35, 4, September 1945, pp. 519-530.
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Quotations
519 ;;Quote: insufficient information for a rational economics based on the marginal rate of substitution
| 519 ;;Quote: instead of globally consistent economic information, have dispersed bits of incomplete, frequently contradictory information
| 521 ;;Quote: very important, unscientific knowledge of particular circumstances of time and place
| 521+;;Quote: every individual has unique information about particular jobs, people, local conditions, and special circumstances
| 523 ;;Quote: economic problems arise only in consequence of change
| 523 ;;Quote: economic change not captured by statistical aggregates; constant, deliberate adjustments, every day
| 524 ;;Quote: localized, economic change requires a decentralized solution; decisions must be local
| 524 ;;Quote: economic decisions require knowledge about the relative cost of resources and demand for alternatives; 'why' does not matter
| 525 ;;Quote: numeric values required for solving the economic problem of resource and demand
| 526 ;;Quote: prices coordinate the separate actions of different people; knowledge is dispersed
| 527 ;;Quote: prices register anonymous change; people adjust their activity by the price movements of scarce resources
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Topic: localized understanding (43 items)
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Topic: models of reality (33 items)
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