Friedrich Hayek and the knowledge problem | Deirdre McCloskey

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"I know what kind of ice cream I like. And someone remote, way far away, doesn't."

Deirdre McCloskey explains the knowledge problem and how the market helps overcome it.

#economics #philosophy #libertarian

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Yeah, and when economists focus so much on the exchange, you abstract the thing that matters the most. The relationship in the production process. I agree that Hayek has contributed to the field, but him going back to capitalists being servants of consumers is ideological driven.

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A straightforward description of distributed information (a non-straightforward subject)

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