Tuesday, September 22, 2015

Hayek, The Use of Knowledge in Society | Library of Economics and Liberty

Hayek, The Use of Knowledge in Society:

The dispersion of knowledge and the use of the market.

"It is a curious fact that this sort of knowledge should today be generally regarded with a kind of contempt and that anyone who by such knowledge gains an advantage over somebody better equipped with theoretical or technical knowledge is thought to have acted almost disreputably. To gain an advantage from better knowledge of facilities of communication or transport is sometimes regarded as almost dishonest, although it is quite as important that society make use of the best opportunities in this respect as in using the latest scientific discoveries."

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