Economics and Knowledge (1936), and The use of Knowledge in Society (1945)
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Summary: If you want to understand economics, read these two articles by Friedrich von Hayek. You can download a PDF file of the articles by clicking on the image below or by clicking the following link. Download. These are the first two articles I have my first year Ph.D. students read. They are, in my opinion, the two most insightful articles ever written in economics. In them, Hayek describes what the concept of equilibrium means in term of the future plans made by individuals and describes a market economy as a communications network that solves the division of information problem in an extremely efficient way.
Economics and Knowledge (1936), and The use of Knowledge in Society (1945)
Economics and Knowledge (1936), and The use…
Economics and Knowledge (1936), and The use of Knowledge in Society (1945)
Summary: If you want to understand economics, read these two articles by Friedrich von Hayek. You can download a PDF file of the articles by clicking on the image below or by clicking the following link. Download. These are the first two articles I have my first year Ph.D. students read. They are, in my opinion, the two most insightful articles ever written in economics. In them, Hayek describes what the concept of equilibrium means in term of the future plans made by individuals and describes a market economy as a communications network that solves the division of information problem in an extremely efficient way.