The Use of Knowledge in Society
E84435
The Use of Knowledge in Society is a seminal 1945 essay by economist Friedrich Hayek that argues how dispersed, tacit knowledge makes decentralized market prices superior to central planning in coordinating economic activity.
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
academic article
→
economic essay → essay → |
| arguesAgainst |
central economic planning
→
socialist calculation → |
| author |
Friedrich A. Hayek
→
Friedrich Hayek → |
| centralConcept |
decentralized decision-making
→
dispersed knowledge → economic coordination → knowledge problem → local knowledge → market process → price system → spontaneous order → tacit knowledge → |
| countryOfOrigin |
United States
→
|
| field |
economics
→
epistemology of economics → political economy → |
| firstPublished |
September 1945
→
|
| influenced |
information economics
→
knowledge management in economics → market process theory → new institutional economics → public choice theory → theory of the firm → |
| influencedBy |
Austrian School of economics
→
Ludwig von Mises → |
| language |
English
→
|
| notableAs |
classic essay in Austrian economics
→
seminal work in information economics → |
| publicationType |
journal article
→
|
| publicationYear |
1945
→
|
| publishedIn |
American Economic Review
→
|
| relatedTo |
Austrian economics
→
The Road to Serfdom → socialist calculation debate → |
| supports |
decentralized markets
→
price mechanism → |
| thesis |
central planners cannot aggregate and use all relevant local knowledge
→
economic knowledge is widely dispersed among individuals and cannot be fully centralized → market prices communicate information about relative scarcities → practical knowledge is often tacit and context-specific → the price system coordinates individual plans without central direction → |
| topic |
coordination problem
→
economic planning → information and incentives → price signals → |
Referenced by (1)
| Subject (surface form when different) | Predicate |
|---|---|
|
Friedrich Hayek
→
|
notableWork |