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Create a 11 page essay paper that discusses Hayek's Idea of Information Use and Its Use in 21st Century.The essay "Hayek's Idea of Information Use and Its Use in 21st Century" talks about the Friedric
Create a 11 page essay paper that discusses Hayek's Idea of Information Use and Its Use in 21st Century.
The essay "Hayek's Idea of Information Use and Its Use in 21st Century" talks about the Friedrich Hayek's views on information usage in the marketing area expressed in his article "The Use of Knowledge in Society". According to Hayek, the more decentralized the economy is, the more variable the information is (spread throughout the society). In his own words, “The marvel is that in a case like that of a scarcity of one raw material, without an order being issued, without more than perhaps a handful of people knowing the cause, tens of thousands of people whose identity could not be ascertained by months of investigation, are made to use the material or its products more sparingly. i.e., they move in the right direction”.
Hayek has pointed out the danger of tyranny that lies in a centrally planned economy resulting from the control of economic decision-making by the government. The functioning of any market depends largely on the nature of the information that the economic agents interacting in that economy possess. According to Hayek, there are mainly two types of information that are available to an economic agent. In this article, Hayek also marked a difference between two categories of information or awareness. One is scientific or technical information and the other is the information about individual’s capacities on the other. This paper tries to relate these ideas to the 21st-century growth in information about individuals and their wants, needs, capacities and the making of new markets such as eBay.
