At 14:27 08/12/2006, Michael Nuwer wrote:
Another flaw in the Hayekian argument is to view the information problem
ahistorically. Michael Lebowitz has taken Hayek's argument and turned it
on its head. Think about the knowledge we do not have in this world
because knowledge comes in the form of monetary units (e.g. through
market prices only). Michael suggests that this situation promotes
ignorance, unlike Hayek, who seems to believe that ignorance is
universal. Michael notes that our current situation is one of socially
created ignorance of others, and that this very ignorance is what
divides us. Moreover, market competition encourages people to hoard
information.
Very interesting, Michael. I never thought consciously about
my argument on knowledge as one of putting Hayek on his feet. I agree
on the importance of his information and tacit knowledge argument and
how this does not lead necessarily to an argument for the market (but
is a critique only of directive-commands from the all-knowing
centre); however, I generally limited myself to the point that his
argument made the case for non-capitalist relations within the
workplace. Thanks for your observation.
michael L.
Michael A. Lebowitz
Professor Emeritus
Economics Department
Simon Fraser University
Burnaby, B.C., Canada V5A 1S6
Currently based in Venezuela.
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