Econ10.13.10

Econ10.13.10 - Assignment 6 Hirschman Textbook Ch. 7 No...

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Assignment 6 Hirschman Textbook Ch. 7 No need to remember specific dates or numbers: rough times for numbers is enough Assignment 1. Personal knowledge versus scientific knowledge: relevant to developed or undeveloped country? if you’re a developed country, cannot plan innovation, innovation happens on the ground. If you’re a developing country, 100 years behind, Hayek is relevant, but it makes sense to distribute knowledge centrally because the knowledge already exists 2. skill-specific knowledge, learning on the job, individual talents 4. Economists tend to focus on macro data, and macro data don’t change very much. Economists see factory but don’t see the changes inside the factory. Put a value and that’s it. 5.prices change, don’t need to know all of the individual discrepancies 6.no, free price system is never perfect. There are positive and negative externalities. Best default option, we can work on improving it. 7. we just need to know what is happening to prices, don’t need to know specifics 8.Hayek is a promoter of “sifting a learned tradition”. Start from where we are right now,
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This note was uploaded on 04/06/2011 for the course ECON 343 taught by Professor Miyao during the Fall '08 term at USC.

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Econ10.13.10 - Assignment 6 Hirschman Textbook Ch. 7 No...

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