Information, Knowledge and the Close of Friedrich Hayek's System: A Comment

Peter Boettke

Eastern Economic Journal, 2002, vol. 28, issue 3, 343-349

Abstract: Elias Khalil's "Information, Knowledge and the Close of Friedrich Hayek's System," argues that an internal contradiction exists within Hayek's political economy relating to his use of information and knowledge. As a result, Khalil argues that neither Hayek's critique of planning nor his defense of liberalism are coherent. To the contrary, this paper argues that Khalil has misread Hayek's work in economics and political economy and that once Hayek's work is placed in its appropriate context no internal contradiction exists. Furthermore, this paper argues that Hayek's economics and political economy are grounded in his recognition of the cognitive imperfections of man and thus Hayek represents an approach to political economy which seeks to identify "robust" institutions as opposed to ideal institutions.

Keywords: Information; Knowledge; Friedrich Hayek (search for similar items in EconPapers)
JEL-codes: B31 D83 (search for similar items in EconPapers)
Date: 2002
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Citations: View citations in EconPapers (1)

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