Knowledge Questions: Hayek, Keynes and Beyond

Knowledge Questions: Hayek, Keynes and Beyond This paper discusses the “knowledge problem” in terms of both the use and generation of knowledge. This is analyzed in the context of Hayek's failure to respond to the “Keynes Challenge”—the claim that markets fail to produce relevant knowledge—by suggesting that in the aftermath of The General Theory he was not well-positioned to address that problem. Ironically, his post-World War II work in cognitive psychology, The Sensory Order, offers a theory of the generation of knowledge which can provide a useful analogy for understanding the generation of market-level knowledge. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

Knowledge Questions: Hayek, Keynes and Beyond

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Publisher
Springer Journals
Copyright
Copyright © 2003 by Kluwer Academic Publishers
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1023/A:1027344804554
Publisher site
See Article on Publisher Site

Abstract

This paper discusses the “knowledge problem” in terms of both the use and generation of knowledge. This is analyzed in the context of Hayek's failure to respond to the “Keynes Challenge”—the claim that markets fail to produce relevant knowledge—by suggesting that in the aftermath of The General Theory he was not well-positioned to address that problem. Ironically, his post-World War II work in cognitive psychology, The Sensory Order, offers a theory of the generation of knowledge which can provide a useful analogy for understanding the generation of market-level knowledge.

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Oct 4, 2004

References

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