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USE OF KNOWLEDGE IN SOCIETY By F.A Hayek

USE OF KNOWLEDGE IN SOCIETY By F.A Hayek. Fundamental Problem. Knowledge dispersed; never concentrated Misconception of economic problem of society ISSUE OF PLANNING Knowledge based; Planner + knowledge holder Efficient economic system depends on utilizing dispersed knowledge

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USE OF KNOWLEDGE IN SOCIETY By F.A Hayek

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  1. USE OF KNOWLEDGE IN SOCIETYBy F.A Hayek

  2. Fundamental Problem • Knowledge dispersed; never concentrated • Misconception of economic problem of society ISSUE OF PLANNING • Knowledge based; Planner + knowledge holder • Efficient economic system depends on utilizing dispersed knowledge • Centrally planned./Competition./Monopoly

  3. KINDS OF KNOWLEDGE • Scientific • Unorganized ‘CHANGE’ • Economic problems arise due to change • Preoccupation with statistical aggregates

  4. Examples • Erstwhile USSR- all knowledge in few hands • David’s project on price formation in Daryaganj – Hayek’s fundamentals of economic activity • NAC – reflects poor balance of ‘planners’ and knowledge holders. • Hayek’s tin example • Scientific knowledge and Unorganized Knowledge • Failure of implementation of NREGA – misguided statistical data

  5. RELEVANCE • CONNECTING THE DOTS • Establishing NATGRID • THINK GLOBALLY, ACT LOCALLY. • Vedanta Fiasco in Odisha • HARNESS FULL POTENTIAL OF KNOWLEDGE • Strengthen research culture in India

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