Weapons of Critical Thought

Optimization of Knowledge in a System: A Look at  Frederich Hayek's T HE USE OF KNOWLEDGE IN SOCIETY by  Timothy Cole Wanless     Knowledge is a funny thing. Too little and we can’t make informed decisions. Too much and we can’t find the relevant information amid the background noise. In reading THE USE OF KNOWLEDGE IN SOCIETY by F.A. Hayek, I realized what I assumed to be an outdated application of economics knowledge for a less efficient, steam-powered time still held great value for our current system. Despite technological advances, it still maintains its relevance by analyzing how knowledge should be spread in society. Friedrich Hayek: Austrian-British Economist      So what did this article hold that still had relevance for modern times? If I were to summarize the article’s main point it is this.  The price system generated by a decentralized system better assigns value to goods than a centralized planning body due to the inherent n...