The importance of lifelong learning for the "next" society

Vasile Isan () and Dumitru Miron ()
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Dumitru Miron: The Department of Economics, Quantitative Analysis and Business Information Systems, Faculty of Economics and Business Administration, Alexandru Ioan Cuza University

Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice (1954-2015), 2006, vol. 52-53, 253-274

Abstract: Long time ago, an Austrian economist, Friedrich von Hayek, thought that the fundamental problem of economics is not to study the optimum use of scare resources for limitless and competing needs, but to analyze efficient use of information and knowledge which are largely spread in society. Although, it is important to know what and how to produce an output, and to whom that output will be sold, it is crucially important to study the process through which knowledge about production and selling of goods and services are used in an efficient manner, because there is nobody in a "great society" (or complex modern society), either producer or consumer, having ready-made knowledge on all the inputs, production methods, consumption patterns, individual tastes evolution and so on.

Date: 2006
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