There’s more to travel than the sticker price of different ways of getting from point A to point B.
Because the Cajun Navy consists of local volunteers who operate “on the ground” (or above the ground, on the water), they have access to local knowledge that other entities do not. Economist F.A. Hayek’s claim that knowledge is both dispersed and specific to time and place requires that we consider how various institutional structures are able or unable to make use of knowledge.
Why does economic education matter? Look no further than the ongoing crisis in Venezuela, where the Washington Post is reporting that food shortages are so bad that people are attacking food trucks when they make deliveries. It all started when Hugo Chavez and his successor, Nicolas Maduro, tried to formulate public policy while ignoring economics. […]
For more Hayekian insight into the extent and constraints of human knowledge be sure to read Hayek’s seminal work, “The Use of Knowledge in Society” (pdf).
Why does your iPhone cost $200.00? Why is the price of gas so volatile? What gives Uber the right to enact “surge pricing”? It’s easy to think of prices and profit as symbols of greed and corporate power, but prices are really just bits of compressed information that save you time and effort! What do […]