Don Lavoie on the Continuing Relevance of the Knowledge Problem
The author is Don Lavoie, not Friedrich Hayek who invented the phrase "knowledge problem" in his classic 1985 book National Economic Planning: What Is Left?1 (itself a more accessible and more focused distillation of Lavoie's thesis with the help of Israel Kirzner, entitled Rivalry and Central Planning: The Socialist Calculation Debate Reconsidered). Lavoie Reformulated and clarified the problem of knowledge that was formulated through Ludwig von Mises and Friedrich Hayek, took to challenge the numerous suggestions of the time that called for greater state control and proposed a radical liberal alternative. You may think we've mastered all we can be aware of...