Define and discuss the most interesting or persuasive arguments found in the Hayek (1945) article “The...

Define and discuss the most interesting or persuasive arguments found in the Hayek (1945) article “The Use of Knowledge in Society”.

Expert Solution

central planner can not have access to all the knowledege that is available to all the people for whom he is taking a central planned action. there are a lot of knowledge abailable at the spot. at the spot means the person who is actually facing the situation, he is aware about the problem better and in most probability knows the solution better than suggested by the central planner. in this sense he (Hayek)has also made a distinction between knowledge. knowledge is not only lomited to science or maths. the domain of knowledge is huge. a person in a street earns his living from the knowledge of his locality. he is not a scholar of science or for that matter any knowledge that has been formally developed. in this way we came to conclusion that all these formal knowledge can be transeffered from the central to the man on the spot so that man on the spot can take better decision but it is almost impossible to update centrnal planner about all the situation and all the knowledge that man on the spot can use. this according to me is the most persusavie argument in the favour of decentralisation and against any kind of central planning.

Rahul Sunny answered 2 years ago

Consider and answer the following questions. What are the most persuasive arguments in favor of and...

Consider and answer the following questions. What are the most persuasive arguments in favor of and against allowing the patentability of higher life forms? Does your answer change depending on whether the subject is bacteria, plants, animals or humans? What is the effect on business where the patents are deemed valid? Where they are not granted? Cite a specific example from a credible source to support your opinion.

1) Please read the article and summarize it. Indicate what is found interesting in the article...

1) Please read the article and summarize it. Indicate what is found interesting in the article and why? Please explain. One Bad Thing after Another: What Use Is History Many readers probably feel the same way about history as young Rudge in The History Boys -Alan Bennett's hit play and 2006 film about a bunch of bright but underprivileged Sheffield boys trying to gain admission to Oxford to study history. Many people consider economic history, or the history of how...

Discuss one factor about the Federal Reserve Bank that you found to be most interesting. Summarize...

Discuss one factor about the Federal Reserve Bank that you found to be most interesting. Summarize how you believe the existence of this bank has helped stabilize our economy.

what os found to be interesting about the article of where consumer reports stands on provacy...

what os found to be interesting about the article of where consumer reports stands on provacy issues? How could it affect the lifestyle?

In 250 words, comment on what you found to be most interesting from watching the Accounts...

In 250 words, comment on what you found to be most interesting from watching the Accounts Payable article.

List at least three things you found most interesting about interpersonal communication, explaining why you found...

List at least three things you found most interesting about interpersonal communication, explaining why you found them interesting. Explain at least two things from the chapter you think will help you in your interpersonal relationships and how you think they will be useful. Finally, describe what you consider to be your most common conflict management strategies and whether you would prefer to use a different strategy in the future. Give specific examples.

Give one key takeaway that you learned a concept you found interesting practical and define the...

Give one key takeaway that you learned a concept you found interesting practical and define the concept and describe an example and give an application of how it applies in your work today or past jobs and how you plan to use it. Acc 201.

Now let's talk about the movie! Pick what you found to be the most interesting thing...

Now let's talk about the movie! Pick what you found to be the most interesting thing that you learned while watching ”FedUp.”Not something you already knew.... something new that really shocked you. This movie hits everyone differently and I want your honest opinions and reactions.

"Big Business of Healthcare and You" discuss what you found interesting about that part of the...

"Big Business of Healthcare and You" discuss what you found interesting about that part of the reading and why. How will this learning affect your work in health care?

Define, give examples, and discuss the role of several instances in supporting arguments. Define, give examples,...

Define, give examples, and discuss the role of several instances in supporting arguments. Define, give examples, and discuss the role of statistics in supporting arguments.

Question