Hayek on the Use of Knowledge in Society

Share this & earn $10
Marginal Revolution University
Published at : 23 Dec 2020
26314 views
250
5

This video discusses Friedrich Hayek’s most famous essay titled “The Use of Knowledge in Society.” This essay first appeared in the American Economic Review in 1945 and focused on the division of knowledge in society. Hayek uses the example of the tin market to illustrate how prices communicate relevant information. If there is a disruption in the tin market, individuals don’t need to know specifics about the disruption, just that the price for tin is higher. As the price increases, individuals economize or look for substitutes. In this sense, no one plans prices or markets, rather it is the result of spontaneous order. Entrepreneurs seek profits and consumers seek to maximize their utility, which bring about the use and mobilization of decentralized knowledge.

Great Economists: Classical Economics and its Forerunners course: http://mruniversity.com/courses/great-economists-classical-economics-and-its-forerunners

Next video: http://mruniversity.com/courses/great-economists-classical-economics-and-its-forerunners/hayek-meaning-of-competition-summary
Friedrich Hayek (Academic)The Use Of Knowledge In Society

DIY Gift Box / How to make Gift Box ? Easy Paper Crafts Idea

DIY Gift Box / How to make Gift Box ? Easy Paper Crafts Idea

primary assistant teacher recruitment exam preparation||get 90% mark common-new

primary assistant teacher recruitment exam preparation||get 90% mark common-new

P1: Avengers Infinity War SHOCKED me within the first 10 mins! First time watching, reaction, review

P1: Avengers Infinity War SHOCKED me within the first 10 mins! First time watching, reaction, review

Make A Simplest Wheelbarrow | Homemade Folding Wheelbarrow

Make A Simplest Wheelbarrow | Homemade Folding Wheelbarrow

Business Studies - Organisation Structure: Business Exam Tips

Business Studies - Organisation Structure: Business Exam Tips

Waterfall Landscape Painting | Sunset Scenery Painting | Acrylic Painting for Beginners

Waterfall Landscape Painting | Sunset Scenery Painting | Acrylic Painting for Beginners

Letting Them Go

Letting Them Go

30-Functions of Continuous Random Variables-2

30-Functions of Continuous Random Variables-2

World's Most ANNOYING Bed Defense...

World's Most ANNOYING Bed Defense...

These Fish are HIGHLY TRAINED!!

These Fish are HIGHLY TRAINED!!

Keys To Personal Success and Prosperity Part 2 | Dr. Myles Munroe

Keys To Personal Success and Prosperity Part 2 | Dr. Myles Munroe

Having BAD Period CRAMPS To See How my Boyfriend Reacts! *sweet reaction*

Having BAD Period CRAMPS To See How my Boyfriend Reacts! *sweet reaction*

Best Web Hosting Providers for Beginners | WordPress Hosting Comparison

Best Web Hosting Providers for Beginners | WordPress Hosting Comparison

Why It's Essential to Attend Breakbulk Americas with Peter Jessup, Proactive Change

Why It's Essential to Attend Breakbulk Americas with Peter Jessup, Proactive Change

How to apply for a MASTERS DEGREE at Top UK Universities! (5 tips)

How to apply for a MASTERS DEGREE at Top UK Universities! (5 tips)

Ebola: Inside An Outbreak - Documentary

Ebola: Inside An Outbreak - Documentary

How to procure accuBook

How to procure accuBook

IELTS Writing Task 2 Lesson: From Band 6.5 - 8

IELTS Writing Task 2 Lesson: From Band 6.5 - 8

So many "delicious" pencils too choose from! Which one did I pick? | Shopping at CW PENCIL in NYC

So many "delicious" pencils too choose from! Which one did I pick? | Shopping at CW PENCIL in NYC

Basis, Dimension, Vektoren, Schaubild, Definition | Mathe by Daniel Jung

Basis, Dimension, Vektoren, Schaubild, Definition | Mathe by Daniel Jung

Possibly the BEST Driver Swing Tip EVER!

Possibly the BEST Driver Swing Tip EVER!

The PrimaLuna EVO Series Garners Rave Reviews Worldwide. Find Out More w/ Upscale Audio's Kevin Deal

The PrimaLuna EVO Series Garners Rave Reviews Worldwide. Find Out More w/ Upscale Audio's Kevin Deal

David Guetta - Let It Be Me (Lyrics) ft. Ava Max

David Guetta - Let It Be Me (Lyrics) ft. Ava Max

Concert band 🎵🎶🇨🇳 | Musical instrument concert in China 🇨🇳

Concert band 🎵🎶🇨🇳 | Musical instrument concert in China 🇨🇳

How To Make A Woman Want You Sexually!

How To Make A Woman Want You Sexually!

Introduction to Networking | Network Fundamentals Part 1

Introduction to Networking | Network Fundamentals Part 1

Variety egg roast recipe...😋🥚

Variety egg roast recipe...😋🥚

Настя шьёт красивые маски для друзей

Настя шьёт красивые маски для друзей

The Raveled Sleave of Care

The Raveled Sleave of Care

Guarantees (Official Video) - Miss Mojo

Guarantees (Official Video) - Miss Mojo

Bodybuilding FACT or FICTION #3  (Take the Quiz)

Bodybuilding FACT or FICTION #3 (Take the Quiz)

"If I could make one fight in 2021, it's that!" Dana White talks 2021 plans, Jon Jones and Khabib

"If I could make one fight in 2021, it's that!" Dana White talks 2021 plans, Jon Jones and Khabib

I Buried Myself Alive to Cheat in Hide and Seek

I Buried Myself Alive to Cheat in Hide and Seek

[FNAF SFM] They'll find you

[FNAF SFM] They'll find you

HOLLYWOOD DIY VANITY TABLE| AMAZING CARDBOARD TRANSFORMATION! SMALL SPACE VANITY

HOLLYWOOD DIY VANITY TABLE| AMAZING CARDBOARD TRANSFORMATION! SMALL SPACE VANITY

SWOLA#30 - VOTE FOR GUITAR,  BOSS HM2 WAZA, NEW MUSIC

SWOLA#30 - VOTE FOR GUITAR, BOSS HM2 WAZA, NEW MUSIC

DJ Kwest Mixes DJcity’s ‘New and Notable’ Tracks: Dec. 18

DJ Kwest Mixes DJcity’s ‘New and Notable’ Tracks: Dec. 18

NATURAL FACEBEAT 🎨 || EVERYDAY SIMPLE GLAM 💖 || LETS PLAY IN MAKEUP 😍

NATURAL FACEBEAT 🎨 || EVERYDAY SIMPLE GLAM 💖 || LETS PLAY IN MAKEUP 😍

WE PLAYED AMONG US IN REAL LIFE Challenge **IMPOSTOR IQ 999**🔪🩸| Piper Rockelle

WE PLAYED AMONG US IN REAL LIFE Challenge **IMPOSTOR IQ 999**🔪🩸| Piper Rockelle

Search Engine Marketing - In Simple English

Search Engine Marketing - In Simple English

A Paranormal State - Brandon Farris (OFFICIAL VIDEO)

A Paranormal State - Brandon Farris (OFFICIAL VIDEO)

How to become a Professor? How to become a Lecturer?

How to become a Professor? How to become a Lecturer?

Completion process for health, wealth, relationships and enlightenment

Completion process for health, wealth, relationships and enlightenment

Calvin Harris - Feels (Official Video) ft. Pharrell Williams, Katy Perry, Big Sean

Calvin Harris - Feels (Official Video) ft. Pharrell Williams, Katy Perry, Big Sean

Candace Owens Debates The Causes of Single Motherhood

Candace Owens Debates The Causes of Single Motherhood

Wave Formers Review | Best Heatless Wavy Hair Curlers?

Wave Formers Review | Best Heatless Wavy Hair Curlers?

POLICEMANS ABANDONED HOUSE FILLED WITH ITEMS FROM HIS PAST - ABANDONED PLACES UK

POLICEMANS ABANDONED HOUSE FILLED WITH ITEMS FROM HIS PAST - ABANDONED PLACES UK

Trudged in a sentence with pronunciation

Trudged in a sentence with pronunciation

Peep and the Big Wide World: Mud Muddle

Peep and the Big Wide World: Mud Muddle