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The Use Of Knowledge In Society
"The Use of Knowledge in Society" is a scholarly article written by Austrian-British academic economist Friedrich Hayek, first published in the September 1945 issue of ''The American Economic Review''. Written (along with ''The Meaning of Competition'') as a rebuttal to fellow economist Oskar R. Lange and his endorsement of a planned economy, it was included among the twelve essays in Hayek's 1948 compendium '' Individualism and Economic Order''. The article is considered one of the most important in the field of modern economics. Argument Hayek's article argues against the establishment of a Central Pricing Board (advocated by Lange) by highlighting the dynamic and organic nature of market price-fluctuations, and the benefits of this phenomenon. He asserts that a centrally planned economy could never match the efficiency of the open market because what is known by a single agent is only a small fraction of the sum total of knowledge held by all members of society. A decentra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Friedrich Hayek Portrait
Friedrich may refer to: Names *Friedrich (given name), people with the given name ''Friedrich'' *Friedrich (surname), people with the surname ''Friedrich'' Other *Friedrich (board game), a board game about Frederick the Great and the Seven Years' War * ''Friedrich'' (novel), a novel about anti-semitism written by Hans Peter Richter *Friedrich Air Conditioning, a company manufacturing air conditioning and purifying products *, a German cargo ship in service 1941-45 See also *Friedrichs (other) *Frederick (other) *Nikolaus Friedreich Nikolaus Friedreich (1 July 1825 in Würzburg – 6 July 1882 in Heidelberg) was a German pathologist and neurologist, and a third generation physician in the Friedreich family. His father was psychiatrist Johann Baptist Friedreich (1796–18 ... {{disambig ja:フリードリヒ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Socialists
Market socialism is a type of economic system involving social ownership of the means of production within the framework of a market economy. Various models for such a system exist, usually involving cooperative enterprises and sometimes a mix that includes public or private enterprises. In contrast to the majority of historic self-described socialist economies, which have substituted the market mechanism for some form of economic planning, market socialists wish to retain the use of supply and demand signals to guide the allocation of capital goods and the means of production. Under such a system, depending on whether socially owned firms are state-owned or operated as worker cooperatives, profits may variously be used to directly remunerate employees, accrue to society at large as the source of public finance, or be distributed amongst the population in a social dividend. Market socialism can be distinguished from the concept of the mixed economy because most models of mar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wikipedia
Wikipedia is a free content, free Online content, online encyclopedia that is written and maintained by a community of volunteers, known as Wikipedians, through open collaboration and the wiki software MediaWiki. Founded by Jimmy Wales and Larry Sanger in 2001, Wikipedia has been hosted since 2003 by the Wikimedia Foundation, an American 501(c)(3) organization, nonprofit organization funded mainly by donations from readers. Wikipedia is the largest and most-read reference work in history. Initially available only in English language, English, Wikipedia exists list of Wikipedias, in over 340 languages. The English Wikipedia, with over million Article (publishing), articles, remains the largest of the editions, which together comprise more than articles and attract more than 1.5 billion unique device visits and 13 million edits per month (about 5edits per second on average) . , over 25% of Wikipedia's web traffic, traffic comes from the United States, while Jap ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jimmy Wales
Jimmy Donal Wales (born August 7, 1966), also known as Jimbo Wales, is an American List of Internet entrepreneurs, Internet entrepreneur and former Trader (finance), financial trader. He is a Founders of Wikipedia, co-founder of the non-profit free encyclopedia, Wikipedia, and the for-profit wiki hosting service Fandom (website), Fandom (formerly Wikia). He has worked on other online projects, including Bomis, Nupedia, WikiTribune, and WT Social. Wales was born in Huntsville, Alabama, where he attended the Randolph School. He earned Bachelor's degree, bachelor's and Master's degree, master's degrees in finance from Auburn University and the University of Alabama, respectively. In graduate school, Wales taught at two universities; he departed before completing a PhD to take a job in finance and later worked as the Chief research officer, research director of Chicago Options Associates. In 1996, Wales and two partners founded Bomis, a web portal known for featuring erotic photo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Journal Of Political Economy
The ''Journal of Political Economy'' is a monthly peer-reviewed academic journal published by the University of Chicago Press. Established by James Laurence Laughlin in 1892, it covers both theoretical and empirical economics. In the past, the journal published quarterly from its introduction through 1905, ten issues per volume from 1906 through 1921, and bimonthly from 1922 through 2019. The editor-in-chief is Esteban Rossi-Hansberg (University of Chicago). It is considered one of the top five journals in economics. JPE Micro and JPE Macro In 2023, University of Chicago Press announced the establishment of Journal of Political Economy Microeconomics (JPE Micro) and Journal of Political Economy Macroeconomics (JPE Macro), two new journals that are vertically integrated with the Journal of Political Economy. Abstracting and indexing The journal is abstracted and indexed in EBSCO, ProQuest, EconLit, Research Papers in Economics, Current Contents/Social & Behavioral Scien ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Knowledge Acquisition
Knowledge acquisition is the process used to define the rules and ontologies required for a knowledge-based system. The phrase was first used in conjunction with expert systems to describe the initial tasks associated with developing an expert system, namely finding and interviewing domain experts and capturing their knowledge via rules, objects, and frame-based ontologies. Expert systems were one of the first successful applications of artificial intelligence technology to real world business problems. Researchers at Stanford and other AI laboratories worked with doctors and other highly skilled experts to develop systems that could automate complex tasks such as medical diagnosis. Until this point computers had mostly been used to automate highly data intensive tasks but not for complex reasoning. Technologies such as inference engines allowed developers for the first time to tackle more complex problems. As expert systems scaled up from demonstration prototypes to indust ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Stigler
George Joseph Stigler (; January 17, 1911 – December 1, 1991) was an American economist. He was the 1982 laureate in Nobel Memorial Prize in Economic Sciences and is considered a key leader of the Chicago school of economics. Early life and education Stigler was born in Seattle, Washington, the son of Hungarian Elsie Elizabeth (Erzsébet Hungler, born in Bakonypéterd, Veszprém county, Kingdom of Hungary) and Bavarian Joseph Stigler. He was of German and Hungarian descent and spoke German in his childhood. He graduated from the University of Washington in 1931 with a B.A. and then spent a year at Northwestern University, from which he obtained his MBA in 1932. It was during his studies at Northwestern that Stigler developed an interest in economics and decided on an academic career. After he received a tuition scholarship from the University of Chicago, Stigler enrolled there in 1933 to study economics and went on to earn his PhD in economics in 1938. Career Stigler t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nicholas Brealey
John Murray is a Scottish publisher, known for the authors it has published in its long history including Jane Austen, Arthur Conan Doyle, Lord Byron, Charles Lyell, Johann Wolfgang von Goethe, Herman Melville, Edward Whymper, Thomas Robert Malthus, David Ricardo, and Charles Darwin. Since 2004, it has been owned by conglomerate Lagardère under the Hachette UK brand. History The business was founded in London, England, in 1768 by John Murray (1737–1793), an Edinburgh-born Royal Marines officer, who built up a list of authors including Isaac D'Israeli and published the '' English Review''. John Murray the elder was one of the founding sponsors of the London evening newspaper '' The Star'' in 1788. He was succeeded by his son John Murray II, who made the publishing house important and influential. He was a friend of many leading writers of the day and launched the ''Quarterly Review'' in 1809. He was the publisher of Jane Austen, Sir Walter Scott, Washington Irving, Geo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tom Butler-Bowdon
Tom Butler-Bowdon (; born 1967) is a non-fiction author based in Oxford, England. Early life Butler-Bowdon was born in Adelaide. He graduated from the University of Sydney (BA Hons, Government and History) and the London School of Economics (MSc Politics of the World Economy). Career Butler-Bowdon is most notable for the ''50 Classics'' series of books, which provide commentaries on key writings in personal development, psychology, philosophy and economics. The series is published in English by Nicholas Brealey Publishing, and has been translated into 23 languages. Referring to his earlier work on the personal development literature, Butler-Bowdon was described by USA Today as "a true scholar of this type of literature". His ''50 Self-Help Classics'' won the 2004 Benjamin Franklin Award (US) for the Psychology/Self-Help category. Butler-Bowdon's "50 Economics Classics: The Greatest Books Distilled" was awarded a silver medal in the 2018 Axiom Business Book Awards, in the Bus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Palgrave Macmillan
Palgrave Macmillan is a British academic and trade publishing company headquartered in the London Borough of Camden. Its programme includes textbooks, journals, monographs, professional and reference works in print and online. It maintains offices in London, New York City, New York, Shanghai, Melbourne, Sydney, Hong Kong, Delhi and Johannesburg. Palgrave Macmillan was created in 2000 when St. Martin's Press in the US united with Macmillan Publishers in the UK to combine their worldwide academic publishing operations. The company was known simply as Palgrave until 2002, but has since been known as Palgrave Macmillan. It is a subsidiary of Springer Nature. Until 2015, it was part of the Macmillan Publishers, Macmillan Group and therefore wholly owned by the German publishing company Holtzbrinck Publishing Group (which still owns a controlling interest in Springer Nature). As part of Macmillan, it was headquartered at the Macmillan campus in Kings Cross, London with other Macmilla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Armen Alchian
Armen Albert Alchian (; April 12, 1914February 19, 2013) was an American economist who made major contributions to microeconomic theory and the theory of the firm. He spent almost his entire career at the University of California, Los Angeles (UCLA), and is credited with turning its economics department into one of the country's best. He is also known as one of the founders of new institutional economics, and widely acknowledged for his work on property rights. Early life and education Armen Albert Alchian was born on April 12, 1914, in Fresno, California, to Armenian-American parents. His father, Alexander H. Alchian (1884–1979), was born in Erzurum, Ottoman Empire and emigrated to the U.S. in 1901, while his mother Lily Normart (1889–1976) was born to Armenian immigrant parents in Fresno. Her parents were among the first Armenians to settle in the San Joaquin Valley and she was the first Armenian born in Fresno. His parents married in 1909, and Armen had a younger brother, R ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Solow
Robert Merton Solow, GCIH (; August 23, 1924 – December 21, 2023) was an American economist who received the 1987 Nobel Memorial Prize in Economic Sciences, and whose work on the theory of economic growth culminated in the exogenous growth model named after him. He was Institute Professor Emeritus of Economics at the Massachusetts Institute of Technology, where he was a professor from 1949 on. He was awarded the John Bates Clark Medal in 1961, the Nobel Memorial Prize in Economic Sciences in 1987, and the Presidential Medal of Freedom in 2014. Four of his PhD students, George Akerlof, Joseph Stiglitz, Peter Diamond, and William Nordhaus, later received Nobel Memorial Prizes in Economic Sciences in their own right. Biography Robert Solow was born in Brooklyn, New York, into a Jewish family on August 23, 1924, the oldest of three children. He attended local public school and excelled academically early in life. In September 1940, Solow went to Harvard College with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
