During this week we read a few different articles discussing how to use knowledge in the world of economics and entrepreneurship. In this passage, I am going to discuss the main points of the pieces, something I noticed about the papers, and finally my own personal thoughts on what I read. And while there are many more points that I will not be able to account for in my brief article, but I am going to do my best to give an explanation of my understanding of the assigned reading in my brief article for this week.
As stated in the above paragraph in this I am going to discuss my main takeaways from the assigned articles, starting with “The Use of Knowledge in Society”. At first, when I began to absorb the information presented to me in the form of the article I was a bit confused but after letting the information process I came to the conclusion that the main point being discussed by F.A. Hayek was that there are many different kinds of knowledge and in order to gain a better understanding of the world around us and how to effectively make decisions that are in the individuals best interest it is important to try and gain an understanding of all knowledge. This can be displayed in the quote by Hayek when they communicate,
“When A fails B will takeover with new knowledge to get the job done”(The use of knowledge in society 6, 2023)
Looking at this statement and others like it from the assigned article that we read this week it is clear to see that when it comes to making informed decisions it is best to first gather all the knowledge that can be found. According to the article, it would be ideal to have all the knowledge ever, but unfortunately, that is entirely unattainable when looking at humanity's brain capacity as well as when you think that this involves competitors having to share information with one another. And Hayek does bring up this important point in their article because it is simply not realistic to think that everyone can know everything, to further explain this point Hayek says that a lot of economists will only focus on the knowledge that they need or their particular problems.
In this next paragraph, I just wanted to bring up a brief point that I thought was entertaining and also thought my peers might appreciate as well is that we have something in common with F. A. Hayek. And that is that we all are doing our best to meet certain requirements with our writing, often times we dislike scholarly articles because they are wordy and seem hard to digest, and it is clear in this particular article that Hayke is just like us in that they have parameters and are doing their best to fulfill them.
Now I am going to discuss my takeaways from reading the article “The Use of Knowledge in Society. At first, I did not have a lot to say about this particular article, but as I thought about it more I realized that I in actuality had a lot to digest about the words of Hayek. Starting off my first thoughts at the beginning of this article were along the lines of that it would be impossible to achieve everything that Hayek wants the people in the workforce to achieve. Because thinking about how the minds of people work and what we are capable of it would be bizarre to expect them to ever have that kind of brain power. As I continued on with the article; however, I began to understand the full picture that Hayek was painting. They began to go in-depth on how people did not try and learn everything they simply tried to learn all they could when it came to what they needed. They would then use this knowledge to help them make the best decision on the issues that they as individuals faced.
I hope after taking the time to read my thoughts on the insightful works of F. A. Hayek, While I was not able to cover everything in these articles I hope I was able to break them down into simpler terms so that anyone reading this will be able to gather a base understanding of what was discussed. I think this article was fascinating because it brought to light that even though we wish we could know everything it is simply not possible, but that does not mean that we can not use the information we have to make the best decisions for specific instances.
Works cited
The use of knowledge in society. - university of California, Berkeley. (n.d.). Retrieved March 22, 2023, from http://bev.berkeley.edu/ipe/readings/The%20use%20of%20knowledge%20in%20society.pdf