Does the minimum information needed by economic planners and individuals differ for planners and for individuals?

You MUST do your own work. You may cite authoritative sources when they inform your responses but the answers to the assignments must be your own original thought. You may NEVER, under any circumstances, use the work of another student, past or present.

Your paper should conform to and follow APA 6th Edition style and formatting guidelines for references ONLY. These are short answer assignments and much of the guidelines below refer to the body of a text. It is not necessary that you submit a long form essay style answer. Simply provide your answers in short paragraphs clearly indicating which question you are answering. Your “paper” does not need to have an abstract. See

http://owl.english.purdue.edu/owl/resource/560/01/.

Questions for Hayek

1. Why is Hayek critical of the common assumption that buyers, sellers, producers, and economists all know everything about the economy?

  1. What does Hayek mean when he says (H.16) “…the sort of knowledge with which I have been concerned is knowledge of the kind which by its nature cannot enter into statistics and therefore cannot be conveyed to any central authority in statistical form”?

  2. Does the minimum information needed by economic planners and individuals differ for planners and for individuals? How? Why?

4. How does the market still work even if only some of economic actors (users in Hayek’s parlance) know of the new situation in a market?

  1. Why, according to Hayek, can the “information problem” be solved by “the price system”?

  2. Why, according to Hayek, is the true function of the price system the communication of information?

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