Frederick Hayek

Anglo-Austrian economist and philosopher best known for his defense of classical liberalism. An Anglo-Austrian economist and philosopher best known for his defense of classical liberalism. He showed why Socialism fails: the dispersed knowledge problem -- that the people on the bottom know more than the people on the top about the specifics of issues, so the more you have to push up the chain for decision making, the more errors and delays will be introduced. ℹ️ Info           ~ Aristotle Sabouni Created: 2019-07-07

Facts

• Friedrich August von Hayek (1899.05.08 – 1992.03.23)
• Hayek shared the 1974 Nobel Economic Prize with Gunnar Myrdal for his "pioneering work in the theory of money and economic fluctuations and [...] penetrating analysis of the interdependence of economic, social and institutional phenomena".
  • In English: we knew socialism fails. He showed why Socialism fails: the dispersed knowledge problem -- that the people on the bottom know more than the people on the top about the specifics of issues, so the more you have to push up the chain for decision making, the more errors and delays will be introduced.

Articles

Hayek • [2 items]

Dispersed Knowledge

In the battle between Keynes and Hayek, history has shows Keynes wrong and Hayek the winner. Keynes models broke with Stagflation, Post WWII economy, Japans Lost Decades, China and Russian growth by privatizing. Hayek won the noble prize for explaining why: Dispersed Knowledge. Leaders don't know more than everyone else combined, then the more decisions you make from the top, the less efficient those decisions will be.

Ends and means
Many people believe that the ends can justify the means. That if you are doing a really good thing, or stopping a really bad thing, you can use any means to achieve or stop those ends; since the ends are so severe. Sounds reasonable, but they are wrong.

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🔗 More

People This is the root for finding info on people

Libertarian Libertarian/Classical Liberalism, is just the belief that liberty should be the core principle of their philosophy.

🔗 Links

• Wikipedia:F.A. Hayek
• Wikipedia:Dispersed knowledge
• The Use of Knowledge in Society: https://www.kysq.org/docs/Hayek_45.pdf

Tags: People  Libertarian