Important contribution to economics since the time of adam smith. And this is what hayek had to say. About knowledge he said in economics, theres a problem of the division of knowledge. Which is quite analogous, too. And at least as important as the problem of the division of labor put forward by adam smith. But while the latter has been one of the main subjects of investigation ever since the beginning of our science. The former has been as completely neglected. Although it seems to me to be the really central problem of economics. As a social science the problem we pretend to solve is how the spontaneous interaction of a number of people each only possessing bits of knowledge. Bring about a state of affairs that corresponds to equilibrium. How can we determine what Economic Production should be when knowledge is divided among all of the millions and tens of millions hundreds of millions billions of people in the world. How do we accommodate divided knowledge the answer of socialists
And as a list of subscribers, the people that put up the money to have the published. It has also these very nice maps of washingtons campaigns. And in ellis volume is quite uncommon. Another one that is interesting is edward pollards observations in the north, eight months in prison on parole. And this book was published in late march of 1865 in richmond and is apparently the last book published in the confederacy. I just had this warm restored a little bit by of binder that i used. One of the most unusual books that i have i should say, one of the oldest books that i have is aristotles treatises on politics. It was published in venice pin 1551. 2013 marks book tvs 50th anniversary that debuted in 1998. That month p. J. Orourke presented his thoughts on the American Economy with a focus on wall street to the he spoke of politics and prose bookstore in washington, d. C. For about an hour. Well, i wrote this book about economics, and i was trying to find out what to read from this book
Important contribution to economics since the time of adam smith. And this is what hayek had to say. About knowledge he said in economics, theres a problem of the division of knowledge. Which is quite analogous, too. And at least as important as the problem of the division of labor put forward by adam smith. But while the latter has been one of the main subjects of investigation ever since the beginning of our science. The former has been as completely neglected. Although it seems to me to be the really central problem of economics. As a social science the problem we pretend to solve is how the spontaneous interaction of a number of people each only possessing bits of knowledge. Bring about a state of affairs that corresponds to equilibrium. How can we determine what Economic Production should be when knowledge is divided among all of the millions and tens of millions hundreds of millions billions of people in the world. How do we accommodate divided knowledge the answer of socialists
Say. About knowledge he said in economics, theres a problem of the division of knowledge. Which is quite analogous, too. And at least as important as the problem of the division of labor put forward by adam smith. But while the latter has been one of the main subjects of investigation ever since the beginning of our science. The former has been as completely neglected. Although it seems to me to be the really central problem of economics. As a social science the problem we pretend to solve is how the spontaneous interaction of a number of people each only possessing bits of knowledge. Bring about a state of affairs that corresponds to equilibrium. How can we determine what Economic Production should be when knowledge is divided among all of the millions and tens of millions hundreds of millions billions of people in the world. How do we accommodate divided knowledge the answer of socialists at the time as weve discussed and well discuss further today was will government can plan it can
Discussion today by reviewing the works of Friedrich Hayek John Maynard Keynes and Milton Friedman whom i consider to be the three most influential economists of the 20th century and of the three, i really consider hayek to be the most influential. He addressed what i call the Knowledge Problem and this seems to me to be perhaps the most important contribution to economics since the time of adam smith. And this is what hayek had to say. About knowledge he said in economics, theres a problem of the division of knowledge. Which is quite analogous, too. And at least as important as the problem of the division of labor put forward by adam smith. But while the latter has been one of the main subjects of investigation ever since the beginning of our science. The former has been as completely neglected. Although it seems to me to be the really central problem of economics. As a social science the problem we pretend to solve is how the spontaneous interaction of a number of people each only po