The Use of Knowledge in Society (by F.A. Hayek)

Considered by many to be one of the most important essays in the history of economic thought, this essay by Nobel prize winning Austrian economist F.A. Hayek asks: what exactly is the problem that economics exists to solve?
Hayek explains that for society to make the best use of all available resources, decentralization is essential, along with a price system that communicates information to all market participants. He also explains why the positivist approach to economist fails to identify, let alone solve, the economic problem of society.
Article text: www.econlib.or...
My thanks to Ali Eser for creating the artwork for this video. Check out some more of his incredible work here: / tripna

[@agent7641]

James Madison said it best, "Knowledge will forever govern ignorance; and a people who mean to be their own governors must arm themselves with the power which knowledge gives." James Madison

[@martonk]

@JimboParadox also this quote has little if anything to do with what Hayek means by utilising knowledge.

[@ChitranjanBaghiofficial]

@JimboParadox Hayek is talking about knowledge of distribution is difficult, because there is way to do survey and get answers and calculate what is needed where, that's why price system was developed, it is a just a global messaging system which tells everyone what is needed and where, the people follow prices just like rats follow cheese.
See this video for better understanding of what hayek mean here. th-cam.com/video/zkPGfTEZ_r4/w-d-xo.html

[@pie3566]

This topic has gained importance today since AI & ML people are trying to convence everyone that knowledge & decisions should be centralized for sake of humanity. The war has not ended.

[@maartenlabrie6628]

This is already baked into the Hayekian conception of knowledge. Nothing new to ML or AI
Check out Philip Mirowski - the knowledge we have lost in information

[@petrskupa6292]

I don’t think they (ever) think such a way. They rather do not ponder about it (and consequences) ... I do kinda start to learn AI/ML from the bottom up... It’s a tool.
It depends in the long run what form this will have. Maybe it will be like GPT3 - available to the masses - hence decentralized. Maybe there will be some few having privet access to some radical model- getting intentionally an edge. Maybe there will be very few models - creating skewisness and decision deformation in the future information space ... or maybe there will be many competing models creating balancing power of the competition.
As far as Ican see, those creating these systems do not care deeply about this aspect either way (although competition of available models is the game so far as I can say)

[@adliberate]

Hayek vs AGI will be a good one to watch. Might get a ringside seat at this rate.

[@Gary_Johnson]

It is with the contested authority from which the according items of following direct and accounted position, thereof under which an agreement may be sought, to whom the decision of the many may aggregate upon the chosen proportion.
Why don't people write like people talk? Saying anything so convoluted makes you sound smart but it's just so damn hard to follow.

[@ManAgainstTheState]

Hayek is known for his difficult-to-follow writing style. This essay isn't too bad for that, in my opinion. I don't recognise that quote.

[@abcrane]

There are a few reasons for this. Sometimes to convey more subtle inuendo Many intellectuals are also loners so they may read more than they socialize and this mimic other writers. Still others are frustrated poets. .

[@abcrane]

I meant nuances. Not innuendos.

[@Max-nc4zn]

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[@yellowlinks]

what do you mean

[@xuanwusn8956]

영상으로 다국어 번역하면 더 잘할 수 있어요

[@alrio8102]

They have apps for that.

[@supremegentleman4276]

14:30

[@petrskupa6292]

As a pupil of Austrian Economics I am surprised how boring the presentation actually is to me. Did I absorb all the bits and pieces apriori? So basic and so wordy... somehow

[@Maceta444]

It was a big deal back in the day. Yes people were that retarded. The history of Ideas is in part the history of someone paving the way by suddenly pointing out the obvious.

[@garretthall7903]

Try Sowell, he's a more modern Hayek.

[@petrskupa6292]

Garrett Hall Actually my radar had already detected him and turned me towards Sowell. Still need maybe more particular recommendations, is there any particular book or publication You would recommend?

[@alexisdumas84]

@@petrskupa6292 Sowell's Basic Economics is probably a good start. He's a Chicago School economist, not an Austrian, though, so he makes many of the same mistakes Hayek points out in Schumpeter here, with hyper-positivism and so on.

[@Maceta444]

@Petr Skupa talking Sowell, this is probably what you were looking for when you clicked this video:
th-cam.com/video/-54Em2eL-8g/w-d-xo.html