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Fall 2019
ISSN 0890-913X
Volume 34, Number 3

Hayek’s Price Fan Simile: The Seeds of the Economy of Knowledge?

James McClure, Ball State University
David Chandler Thomas, Ball State University
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/index.php?action=ajax&rs=GDMgetPage&rsargs[]=Journal of Private Enterprise Vol 34 No 3 Fall 2019 PARTE4.pdf&rsargs[]=0
TheJournalofPrivateEnterprise34(3),2019,4358HayeksPriceFanSimile:TheSeedsoftheEconomyofKnowledge?JamesMcClureBallStateUniversityDavidChandlerThomasBallStateUniversity______________________________________________________AbstractFriedrichHayeksresearchfocusshiftedfromaformalanalysisofthecapitalstructureintheearly1930stothestudyoftheeconomyofknowledgein1945.Henever,asitistoooftensaid,abandonedeconomics.TheabandonmentnarrativeimpedesunderstandingofAustrianeconomicsgenerallyandHayeksworksmorespecifically.Towardcorrectingthefalsenarrative,weexploreconnectionsbetweenhis1945thesisandthepricefansimilehesetoutin1931tofacilitateunderstandingoftheroleplayedbyemerginginputpricesasmorecapitalisticmethodsofproductionareadopted.Expandingonthepricefansimile,wealsoseektodeepentheunderstandingoftheallocativemarvelthatpricesachieveinthefreemarketsystem,and,consequently,theutterimpracticalityofusingsocialistcalculationinplaceofthefreemarket.______________________________________________________JELCodes:B25,B53Keywords:F.A.Hayek,pricefansimile,economyofknowledge,capitalisticproduction,divisionoflabor,divisionofknowledgeAdamSmithfamouslyarguedthatthegreatestimprovementsintheproductivecapacityofmankindwereduetotheexpansionandever-greaterrefinementsinthedivisionoflabor.Hayeksimplypointedoutthatthedivisionoflaborimpliesalsoadivisionofknowledge....Hayekneverabandonedeconomics.”PeterBoettke(2017)I.IntroductionFromtheearly1930sto1945,FriedrichHayeksresearchoncapitalstructureandmarketequilibriumgavewaytoaninvestigationoftheeconomyofknowledgethatmarketpricesmarvelouslydeliverharmonizingthediverseindividualplansofmarketparticipants.Ofthisperiod,Hayeklatersaidthatheleftpureandnarrowtheory,or
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