IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/66811.html
   My bibliography  Save this paper

F. A. Hayek'in Bilgisizlik Teorisi Çerçevesinde Piyasa, Denge ve Planlama
[Market, Equilibrium, and Planning within the Framework of F.A. Hayek's Theory of Ignorance]

Author

Listed:
  • Göcen, Serdar

Abstract

In this article, the implications of the theory of ignorance developed by Hayek to economic theory and policy will be examined. The theory of ignorance appeared especially in the second period of Hayek’s career and has been applied to the field of economics, politics, and law. Accordingly, people do not have knowledge about the institutions they’ve got today, knowledge which other people have, their actions and the results of them. This kind of knowledge cannot exist as cumulative and the amount of it cannot be enhanced by technological developments. Hence, developing theories, making plans and practices as if we have complete knowledge will not conclude as we desire. This study will discuss and sum up Hayek’s criticizes on market perception, the assumption of perfectly competitive market, and equilibrium analysis of mainstream economics, his contributions to the possibility of economic calculation in socialism and central planning, and recent development in information theory of mainstream economics.

Suggested Citation

  • Göcen, Serdar, 2015. "F. A. Hayek'in Bilgisizlik Teorisi Çerçevesinde Piyasa, Denge ve Planlama [Market, Equilibrium, and Planning within the Framework of F.A. Hayek's Theory of Ignorance]," MPRA Paper 66811, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:66811
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/66811/1/yil-2015-cilt-20-sayi-3-yazi-20-11092015.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Lewin, Peter, 2001. "The Market Process and the Economics of QWERTY: Two Views," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 14(1), pages 65-96, March.
    2. Hayek, F. A., 2012. "Hayek on Hayek," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226321202 edited by Kresge, Stephen & Wenar, Leif, December.
    3. Holcombe, Randall G, 2003. "The Origins of Entrepreneurial Opportunities," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 16(1), pages 25-43, March.
    4. Joseph E. Stiglitz, 2000. "The Contributions of the Economics of Information to Twentieth Century Economics," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 115(4), pages 1441-1478.
    5. Bruce J. Caldwell, 1988. "Hayek's Transformation," History of Political Economy, Duke University Press, vol. 20(4), pages 513-541, Winter.
    6. Yeager, Leland B, 1999. "Should Austrians Scorn General-Equilibrium Theory?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 11(1-2), pages 19-30.
    7. William Butos, 2003. "Knowledge Questions: Hayek, Keynes and Beyond," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 16(4), pages 291-307, December.
    8. Yeager, Leland B, 1997. "Calculation and Knowledge: Let's Write Finis," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 10(1), pages 133-136.
    9. Herbener, Jeffrey M, 1992. "The Role of Entrepreneurship in Desocialization," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 6(1), pages 79-93.
    10. Yeager, Leland B, 1994. "Mises and Hayek on Calculation and Knowledge," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 7(2), pages 93-109.
    11. Hoppe, Hans-Hermann, 1996. "Socialism: A Property or Knowledge Problem?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 9(1), pages 143-149.
    12. Israel M. Kirzner, 1984. "Economic Planning and the knowledge Problem," Cato Journal, Cato Journal, Cato Institute, vol. 4(2), pages 407-425, Fall.
    13. repec:ucp:bkecon:9780226320625 is not listed on IDEAS
    14. Holcombe, Randall G, 1999. "Equilibrium versus the Invisible Hand," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 12(2), pages 227-243, November.
    15. Leland Yeager, 1999. "Should Austrians Scorn General-Equilibrium Theory?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 11(1), pages 19-30, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Lopes, Tiago Camarinha, 2022. "Humans, technology and control: An essay based on the metalanguage of economic calculation," Journal of Economic Behavior & Organization, Elsevier, vol. 204(C), pages 631-642.
    2. Randall G. Holcombe, 2017. "Malinvestment," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 30(2), pages 153-167, June.
    3. repec:dau:papers:123456789/11496 is not listed on IDEAS
    4. Théret, Bruno, 2011. "Du keynésianisme au libertarianisme.La place de la monnaie dans les transformations du savoir économique autorisé," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 10.
    5. Deirdre Nansen McCloskey, 2019. "Lachmann practiced humanomics, beyond the dogma of behaviorism," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(1), pages 47-61, March.
    6. Lambert, Karras J. & Fegley, Tate, 2023. "Economic Calculation in Light of Advances in Big Data and Artificial Intelligence," Journal of Economic Behavior & Organization, Elsevier, vol. 206(C), pages 243-250.
    7. Martin Komrska & Marek Hudík, 2014. "Were Hayek?s Monetary Policy Recommendations Inconsistent?," Proceedings of Economics and Finance Conferences 0402133, International Institute of Social and Economic Sciences.
    8. repec:dau:papers:123456789/7629 is not listed on IDEAS
    9. Randall Holcombe, 2008. "Advancing economic analysis beyond the equilibrium framework," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 21(4), pages 225-249, December.
    10. Alexander J. Malt, 2018. "Methodological individualism: True and false," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 31(1), pages 73-109, March.
    11. Octavian-Dragomir JORA & Alexandru BUTISEACÃ & Mihaela IACOB, 2017. "Seeking Truth from Facts and Figures Only? The Logic of Economics and China’s Miracles," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 18(5), pages 545-562, December.
    12. Jankovic Ivan & Block Walter, 2019. "Private Property Rights, Government Interventionism and Welfare Economics," Review of Economic Perspectives, Sciendo, vol. 19(4), pages 365-397, December.
    13. Martin Komrska & Marek Hudík, 2016. "Hayek’s monetary theory and policy: A note on alleged inconsistency," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 29(1), pages 85-92, March.
    14. Israel Kirzner, 2009. "The alert and creative entrepreneur: a clarification," Small Business Economics, Springer, vol. 32(2), pages 145-152, February.
    15. Guinevere Nell, 2010. "Competition as market progress: An Austrian rationale for agent-based modeling," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 23(2), pages 127-145, June.
    16. William Luther, 2014. "Evenly rotating economy: A new modeling technique for an old equilibrium construct," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(4), pages 403-417, December.
    17. William R. Morgan, 2023. "Finance Must Be Defended: Cybernetics, Neoliberalism and Environmental, Social, and Governance (ESG)," Sustainability, MDPI, vol. 15(4), pages 1-21, February.
    18. Rodríguez, Elsa Mirta M. & Lacaze, María Victoria & Lupín, Beatriz, 2007. "Willingness to pay for organic food in Argentina: evidence from a consumer survey," Nülan. Deposited Documents 1300, Universidad Nacional de Mar del Plata, Facultad de Ciencias Económicas y Sociales, Centro de Documentación.
    19. Etienne Farvaque & Alexander Mihailov & Alireza Naghavi, 2018. "The Grand Experiment of Communism: Discovering the Trade-Off between Equality and Efficiency," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 174(4), pages 707-742, December.
    20. Vassiliades, C. & Savvides, A. & Buonomano, A., 2022. "Building integration of active solar energy systems for façades renovation in the urban fabric: Effects on the thermal comfort in outdoor public spaces in Naples and Thessaloniki," Renewable Energy, Elsevier, vol. 190(C), pages 30-47.
    21. Yang, Xia & Ma, Zhong, 2022. "Institutional investors’ corporate site visits and dividend payouts," International Review of Economics & Finance, Elsevier, vol. 80(C), pages 697-716.
    22. L. Bottazzi & M. Da Rin & T. Hellmann, 2007. "The Importance of Trust for Investment: Evidence from Venture Capital," Working Papers 612, Dipartimento Scienze Economiche, Universita' di Bologna.

    More about this item

    Keywords

    bilgisizlik; Hayek; denge analizi; iktisadi planlama ignorance; Hayek; equilibrium analysis; economic planning;
    All these keywords.

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:66811. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.