Economic and Philosophical Implications of Hayek's 'Knowledge Problem'

2017. LIBERTAS: Segunda Epoca. Vol. 2, No. 1

18 Pages Posted: 15 May 2014 Last revised: 25 Apr 2019

See all articles by Nicolas Cachanosky

Nicolas Cachanosky

The University of Texas at El Paso; American Institute for Economic Research; UCEMA Friedman-Hayek Center for the Study of a Free Society

Alexandre Padilla

Metropolitan State University of Denver - Department of Economics

Date Written: April 23, 2015

Abstract

We argue that the canonical reading of Hayek often falls short of the implications of Hayek’s insights. We present Hayek’s "knowledge problem" (how order in a society is possible without the required knowledge for that order being possessed by any particular individual), and we discuss some of the implications that follow from Hayek’s work. We show that Hayek’s "knowledge problem" has deep economic and philosophical implications.

Keywords: Hayek, knowledge problem, information, knowledge

JEL Classification: B20, B31

Suggested Citation

Cachanosky, Nicolas and Padilla, Alexandre, Economic and Philosophical Implications of Hayek's 'Knowledge Problem' (April 23, 2015). 2017. LIBERTAS: Segunda Epoca. Vol. 2, No. 1, Available at SSRN: https://ssrn.com/abstract=2436649 or http://dx.doi.org/10.2139/ssrn.2436649

Nicolas Cachanosky (Contact Author)

The University of Texas at El Paso

500 West University Avenue
El Paso, TX 79968
United States

HOME PAGE: http://https://www.utep.edu/

American Institute for Economic Research

PO Box 1000
Great Barrington, MA 01230
United States

UCEMA Friedman-Hayek Center for the Study of a Free Society ( email )

Buenos Aires
Argentina

Alexandre Padilla

Metropolitan State University of Denver - Department of Economics ( email )

Economics department, Campus Box 77
PO Box 173362
Denver, CO 80217
United States
303- 615-0111 (Phone)
303-556-3966 (Fax)

HOME PAGE: http://www.alexandrepadilla.com

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