What I Learned from Hayek

This video covers Professor Tyler Cowen’s impressions of Friedrich Hayek’s collection of essays, Individualism and Economic Order. Professor Cowen, who first read this great economic text at the age of 14, sees these essays as still quite important to economic thinking. The central theme in this book is the importance of knowledge. Hayek believed there were limitations to how much we can know and how well we can plan for the future, and emphasized the importance of mobilizing decentralized knowledge to help shape our reasoning. Professor Cowen also covers knowledge in regards to economic models and discusses the essay he enjoyed the most.