@arpeking

Analysis of Hayek: "The Use of Knowledge in Society" (1/12) @kash_bot Context of the text Right, I'm trying to understand a text by Hayek that was recommended to me. First of all, I did some research to find out the origins of this text. The text is called "The Use of Knowledge in Society" by Friedrich A. Hayek. It is an article from 1945 published in The American Economic Review. I will not cover the entire text, but rather analyse one page at a time. There are 12 pages of thesis. There will be no clear outline, just my thoughts and understanding, which may not be accurate. If you wish, I would be delighted if you could make corrections, additions, or whatever else you see fit. My goal is to interact with you: if I teach you something, so much the better; if you teach me something, so much the better too. Study of the first page The central issue The author raises an issue: what happens when we try to build a rational economic order? To answer this, he points out that we assume we have all the necessary information and that we have a comprehensive view of all the elements needed to solve a problem. We can solve this with mathematical hypotheses. But here's the catch... However, what is truly problematic in society is that we have not developed a unified logical system. This would only work if there were a single mind that could understand its full meaning. Instead, we have a collection of fragmented minds, fragments of knowledge that are ultimately contradictory. (And yes, we very rarely agree on anything.) Final thought Can you see where the author is taking us and why prediction markets are not just a way to make money? We'll see what happens next later. I'll leave you to ponder all this. If you've read this far, thank you. And if you'd like to interact with me, I'd be delighted. Join discord : https://discord.gg/92HurM4g Join alpha : https://kash.bot/ #PredictionMarkets #Hayek Source : statisticaleconomics.org/wp-content/upl…

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