Pursuit of Truthiness

my gut tells me I know economics

The Use of Knowledge in Society

leave a comment »

Freidrech Hayek’s 1945 essay in AER was decades ahead of its time, long pre-empting much of the economics profession on the importance of dispersed information.  It also showed why Communism was doomed to failure, though it took many poor and deadly decades before the experiment was admitted to have confirmed his theory.


Written by James Bailey

October 6, 2008 at 10:32 pm

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: