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1 parent 8321315 commit f620d99205fa1c0a58866c6f8644c495c9e2ef26 @waratuman committed Jun 27, 2011
Showing with 13 additions and 12 deletions.
  1. +12 −12 _posts/2011-06-26-what-i-didnt-learn-in-econ101.md
  2. +1 −0 resources/css/style.css
@@ -15,11 +15,11 @@ Use of Knowledge in Society](http://econlib.org/library/Essays/hykKnw1.html) by
[Friedrich Hayek](http://en.wikipedia.org/wiki/Friedrich_Hayek) a few days ago.
A logical answer might be how to make best use of available means to bring
-economic prosperity. To answer this we have to "possess all relevant
-information," "start out from a given system of preferences," and "command
-complete knowledge of available means." This reveals and even more fundamental
-problem in economics, "the problem of utilization of knowledge which is not
-given to anyone in its totality."
+economic prosperity. To answer this we have to “possess all relevant
+information,” “start out from a given system of preferences,” and “command
+complete knowledge of available means.” This reveals and even more fundamental
+problem in economics, “the problem of utilization of knowledge which is not
+given to anyone in its totality.”
How is planning to be done so that the economy operate efficiently?
Should it be done by a central authority? Should it be divided among
@@ -30,8 +30,8 @@ Hayek points out that the answer to this question will depend on a what kind
of knowledge is given the greatest importance. Scientific knowledge is given
high value, especially today. With this knowledge it makes sense that a
chosen expert or set of experts may be the best to carryout the planning. But
-what of the "knowledge of general rules: the knowledge of the particular
-circumstances of time and place." Given this, every individual possesses some
+what of the “knowledge of general rules: the knowledge of the particular
+circumstances of time and place.” Given this, every individual possesses some
information which can be used to his benefit. Take for example a real estate
agent who makes his living off temporary opportunities, he may know of certain
high quality leases that will be ending that others do not know.
@@ -66,10 +66,10 @@ individual.
> inducements which will make the individuals do the desirable things without
> anyone having to tell them what to do.
>
-> \- Hayek
+> – Hayek
-This is the heart of economics: "the problem of utilization of knowledge which
-is not given to anyone in its totality." The graphs in Economics 101 made for
-some pretty pictures, but which Hayek points out, "in effect starts from the
+This is the heart of economics: “the problem of utilization of knowledge which
+is not given to anyone in its totality.” The graphs in Economics 101 made for
+some pretty pictures, but which Hayek points out, “in effect starts from the
assumption that people's knowledge corresponds with objective facts of the
-situation, systematically leaves out what is our main task to explain."
+situation, systematically leaves out what is our main task to explain.”
View
@@ -122,6 +122,7 @@ pre {
font-size: 13px;
line-height: 13px; }
blockquote {
+ font-size: 16px;
margin-left:3em;
margin-right:3em; }

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