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QuoteRef: hayeFA9_1945

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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

Reference

Hayek, F.A., "The use of knowledge in society", The American Economic Review, 35, 4, September 1945, pp. 519-530. Google

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


Related Topics up

Topic: economics (21 items)
Topic: localized understanding (43 items)
Topic: local vs. global (29 items)
Group: philosophy of science   (10 topics, 406 quotes)
Topic: limitations of formalism (93 items)
Topic: law of nature (28 items)
Topic: models of reality (33 items)
Topic: change (28 items)
Topic: statistics (12 items)
Topic: management (27 items)

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