
Hayek
Flashcard
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Others
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KG
•
Hard
Wayground Content
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8 questions
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1.
FLASHCARD QUESTION
Front
Which group of thinkers did Hayek belong to?
Back
Austrian
2.
FLASHCARD QUESTION
Front
Hayek thought the biggest problem in economics was not having enough resources.
Back
False
3.
FLASHCARD QUESTION
Front
Why did Hayek think people should make their own decisions?
Back
People know their own situation better than the government
4.
FLASHCARD QUESTION
Front
What is local knowledge?
Back
Knowledge that individuals have about their own circumstances
5.
FLASHCARD QUESTION
Front
What does Hayek say the price system does?
Back
It helps people make decisions by sharing information through prices
6.
FLASHCARD QUESTION
Front
Why can’t central planners manage the economy well, according to Hayek?
Back
Because they lack access to dispersed and constantly changing information held by individuals
7.
FLASHCARD QUESTION
Front
How does Hayek describe the way the economy adapts to change?
Back
Through individual decisions reacting to local changes, guided by price signals
8.
FLASHCARD QUESTION
Front
What makes the price system so powerful, according to Hayek?
Back
It lets people coordinate with each other using minimal information
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