Hayek Meets Information Theory. And Fails. - Evonomics

Modern economic theories of prices-as-information are seventy years out of date.

By Jason Smith The inspiration for this piece came from a Vox podcast with Chris Hayes of MSNBC. One of the topics they discussed was which right-of-center ideas the left ought to engage. Hayes says: The entirety of the corpus of [Friedrich] Hayek, [Milton] Friedman, and neoclassical economics. I think it’s an incredibly powerful intellectual tradition and a really important one to understand, these basic frameworks of neoclassical economics, the sort of ideas about market clearing prices, about the functioning of supply and demand, about thinking in marginal terms. I think the tradition of ec

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