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Jan. 12th, 2007 12:11 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
timeletsMost 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 to tell them what to do' (Hayek [1945] 1949: 88); a second implication is that endogenous knowledge makes any ex post appraisal of past decisions difficult, because only the decision-maker is ever in a position to know what he knew.
ibid. p. 45
Prosperity derives from profits earned by those who 'discover ew ways of doing things better than they have been done before' (Hayek [1946J 1949: 101), Bankruptcies are important to processes of discovery in which efficiency and ingenuity are tested in open competition.
p. 45-46
ibid. p. 45
Prosperity derives from profits earned by those who 'discover ew ways of doing things better than they have been done before' (Hayek [1946J 1949: 101), Bankruptcies are important to processes of discovery in which efficiency and ingenuity are tested in open competition.
p. 45-46
