The Use of Knowledge in Society

Participants talk on 'The Use of Knowledge in Society'

On 4th March, 2014, 9 participants discussed ‘The Use of Knowledge in Society’; an event that was moderated by Akash Shrestha at Gaia Restaurant.

The participants discussed F.A.Von Hayek’s essay, ‘The Use of Knowledge in Society’ which argues that a planned order of things usually leads to inefficiency and waste, particularly in the management world whereas the price system, which in uncontrolled and free, leads to better efficiency and less waste. Participants discussed on the ideals of planned and unplanned economies and gave their ideas as to why both had their vices and charm.  Economy wise, most favored the idea of the invisible hand over government intervention.

Link to Hayek’s article: