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Summary of the Use of Knowledge in Society

In: Business and Management

Submitted By huty1992
Words 430
Pages 2
The Use of Knowledge in Society is published on American Economics reviews in 1945,which mainly talked about the knowledge of particular circumstances of time and place. He was referring to division of knowledge that businessman will not particular knowledge of how to run their business, instead within the business,workers might know to how make a product which the boss doesn’t know and consumers will know how the best they can economize,and outsiders will not have the access to get to know such kind of information. Workers and customers who seem to have better knowledge are called "the man on the spot". So if the businessman is not able to observe every details better than his workers do,does it imply that he or she is an uncivilized boss running an efficient economic model? The answer is no, because there is no need to know those things which are considered almost impossible to be accomplished, and unnecessary even if such goal is achieved.Hayke took an example of tin market,for some reason there is a disruption on the supply of tin on the global market,that means less tin is supplied in the market,the effect of the disruption will comminuted through changes in prices,individuals will economize on the tin accordingly without knowing the disruption itself,like why it happened,how long it will last or anything else about the disruption,all they have to do is to react to the higher price of the tin. Decrease on the supply of tin drives the price up which follows the rule of supply and demand,again individuals participating in the market don’t have to know anything particular about the accident happened on the supply side.When consumer observe the higher price,they will seek out substitutes,when the demand of tin decrease because of the higher price, the demand for substitutes will increase.”Marvel of the price system” indicates that market participants will react…...

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