This video covers Professor Tyler Cowen’s impressions of Friedrich Hayek’s collection of essays, Individualism and Economic Order. Professor Cowen, who first read
This video covers Professor Tyler Cowen’s impressions of Friedrich Hayek’s collection of essays, Individualism and Economic Order. Professor Cowen, who first read this great economic text at the age of 14, sees these essays as still quite important to economic thinking. The central theme in this book is the importance of knowledge. Hayek believed there were limitations to how much we can know and how well we can plan for the future, and emphasized the importance of mobilizing decentralized knowledge to help shape our reasoning. Professor Cowen also covers knowledge in regards to economic models and discusses the essay he enjoyed the most.
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I feel that you two professors are not thanked enough by your viewers and students, and I feel the need to thank you for giving us insight into the thoughts and life of Hayek. I was hoping you would put up maybe chapters of milton friedman or Mises. Thank you again.
Contrary to what it is said in the video, I do not recall that Adam Smith is the author of the definition of the spontaneous order as "the result of human actions and not of human designs". Actually is it not Adam Ferguson who said that ? Anyway, thanks for this wonderful website !