Most information is not generally available; it is endogenous to some particular individual. The implication is that social coordination benefits rom InstItutional structures that encourage the use of endogenous informitIon; that is, those structures that 'provide inducements which will make individuals do the desirable things without anyone having ( Read more... )

Yet, objective mowledge .only exists in rhe dispersed, incomplere, and inconsistenr form I which it appears in many individual minds, and rhe dispersion and lperfeceion of all knowledge are tWO of the basic faces from which the social sciences have to start' (Hayek 1952a: 50). The scientific problem is 'how the "data" of different individuals on ( Read more... )