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Fall 2019

ISSN 0890-913X

Volume 34, Number 3

Categories: Fall 2019 | Capitalism | Economy of Knowledge

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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TheJournalofPrivateEnterprise34(3),2019,43–58Hayek’sPriceFanSimile:TheSeedsoftheEconomyofKnowledge?JamesMcClureBallStateUniversityDavidChandlerThomasBallStateUniversity______________________________________________________AbstractFriedrichHayek’sresearchfocusshiftedfromaformalanalysisofthecapitalstructureintheearly1930stothestudyoftheeconomyofknowledgein1945.Henever,asitistoooftensaid,abandonedeconomics.TheabandonmentnarrativeimpedesunderstandingofAustrianeconomicsgenerallyandHayek’sworksmorespecifically.Towardcorrectingthefalsenarrative,weexploreconnectionsbetweenhis1945thesisandthepricefansimilehesetoutin1931tofacilitateunderstandingoftheroleplayedbyemerginginputpricesasmorecapitalisticmethodsofproductionareadopted.Expandingonthepricefansimile,wealsoseektodeepentheunderstandingoftheallocativemarvelthatpricesachieveinthefreemarketsystem,and,consequently,theutterimpracticalityofusingsocialistcalculationinplaceofthefreemarket.______________________________________________________JELCodes:B25,B53Keywords:F.A.Hayek,pricefansimile,economyofknowledge,capitalisticproduction,divisionoflabor,divisionofknowledge“AdamSmithfamouslyarguedthatthegreatestimprovementsintheproductivecapacityofmankindwereduetotheexpansionandever-greaterrefinementsinthedivisionoflabor.Hayeksimplypointedoutthatthedivisionoflaborimpliesalsoadivisionofknowledge....Hayekneverabandonedeconomics.”—PeterBoettke(2017)I.IntroductionFromtheearly1930sto1945,FriedrichHayek’sresearchoncapitalstructureandmarketequilibriumgavewaytoaninvestigationoftheeconomyofknowledgethatmarketpricesmarvelouslydeliver—harmonizingthediverseindividualplansofmarketparticipants.Ofthisperiod,Hayeklatersaidthatheleft“pureandnarrow”theory,or

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Title	Hayek’s Price Fan Simile: The Seeds of the Economy of Knowledge?
Authors/Creators:	James McClure, Ball State University David Chandler Thomas, Ball State University
Year:	2019
Volume:	34
Number:	3
Pages:	43 - 58
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	F. A. Hayek, price fan simile, economy of knowledge, capitalistic production, division of labor, division of knowledge

Citation:
McClure, James; Thomas, David Chandler / 2019. "Hayek’s Price Fan Simile: The Seeds of the Economy of Knowledge?." The Journal of Private Enterprise, 34(3): 43-58.