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Many economists have professed to analyze information; relatively few have considered carefully the problems of knowledge.... Video

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Many economists have professed to analyze information; relatively few have considered carefully the problems of knowledge. Among those who have, Hayek is pre-eminent.
Hayek, Friedrich August Von
Q. [McCallum] .. are there other economists who have had a really major influence on your thinking? A. [Melzer] Well I mentioned Hayek. There are two ways. One is because of my interest in political economy. The other way is that Hayek was a pioneer in the use of information in economics. One of the papers that Karl and I wrote together that I continue to like was a paper called "The Uses of Money". In that paper we tried to incorporate information and the cost of information to explain why people use money. One of Hayek's most basic ideas is that institutions are a way of reducing uncertainty. Man struggles to find institutional arrangements which on average make life a bit more predictable. Our "Uses of Money" is not so much about money as we conventionally think about it, it's about the idea of a medium of exchange, the function of an institution called the medium of exchange and how the medium of exchange as an institution resolves a part of peoples uncertainty about the future.
Hayek, Friedrich August Von
Hayek's adversaries -- Oskar Lange and company -- argued that a market system had to be inferior to a centrally-planned system: at the very least, a centrally-planned economy could set up internal decision-making procedures that would mimic the market, and the central planners could also adjust things to increase social welfare and account for external effects in a way that a market system could never do. Hayek, in response, argued that the functionaries of a central-planning board could never succeed, because they could never create both the incentives and the flexibility for the people-on-the-spot to exercise what Scott calls metis. Today all economists -- even those who are very hostile to Hayek's other arguments .. agree that Hayek and company hit this particular nail squarely on the head. Looking back at the seventy-year trajectory of Communism, it seems very clear that Hayek .. [is] right: that its principal flaw is its attempt to concentrate knowledge, authority, and decision-making power at the center rather than pushing the power to act, the freedom to do so, and the incentive to act productively out to the periphery where the people-on-the-spot have the local knowledge to act effectively.
Hayek, Friedrich August Von
The most important player on Ronald Reagan's economic team is Ronald Reagan. The person most responsible for creating the economic program that came to be known as Reaganomics is Reagan himself. For over twenty years he observed the American economy, read and studied the writings of some of the best economists in the world, including the giants of the free market economy -- Ludwig von Mises, Friedrich Hayek and Milton Friedman -- and he spoke and wrote on the economy, going through the rigorous mental discipline of explaining his thoughts to others. Over the years he made all the key decisions on the economic strategies he finally embraced. He always felt comfortable with his knowledge of the field and he was in command all the way."
Hayek, Friedrich August Von
The press today is an army with carefully organized weapons, the journalists its officers, the readers its soldiers. But, as in every army, the soldier obeys blindly, and the war aims and operating plans change without his knowledge. The reader neither knows nor is supposed to know the purposes for which he is used and the role he is to play. There is no more appalling caricature of freedom of thought. Formerly no one was allowed to think freely; now it is permitted, but no one is capable of it any more. Now people want to think only what they are supposed to want to think, and this they consider freedom.
Spengler, Oswald
The real thinking of woman is pre-eminently practical and applied. It is something we describe as sound common sense, and is usually directed to what is close at hand and personal. In general, it can be said that feminine mentality manifests an undeveloped, childlike, or primitive character; instead of the thirst for knowledge, curiosity; instead of judgment, prejudice; instead of thinking, imagination or dreaming; instead of will, wishing. Where a man takes up objective problems, a woman contents herself with solving riddles; where he battles for knowledge and understanding, she contents herself with faith or superstition, or else she makes assumptions.
Jung, Emma
Data is not information, Information is not knowledge, Knowledge is not understanding, Understanding is not wisdom.
Clifford Stoll
Where is the wisdom we have lost in knowledge? Where is the knowledge we have lost in information.
T. S. Eliot
People, I am actually fairly smart. Why has this not occurred to anyone? The information is all out there, if you go looking for it, and the classified stuff just comes from analyzing the unclassified stuff and connecting the dots...
Clancy, Tom
The key importance of the amount of information available and the frequent lack of relevant information have been dealt with only in the last decades. L. von Mises and F. A. von Hayek can rightly be regarded as pioneers in this connection.
Hayek, Friedrich August Von
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