Aguilar millan - Study guides, Class notes & Summaries
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BCOR 1015 Midterm Review Questions & Answers Already Passed!!
- Exam (elaborations) • 10 pages • 2024
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Hayek's argument - Answer-He asserts that a centrally planned economy could never match the 
efficiency of the open market because what is known by a single agent is only a small fraction of the sum 
total of knowledge held by all members of society. 
A decentralized economy thus complements the dispersed nature of information spread throughout 
society. 
3 main point of Hayek - Answer-Information is needed for rational economic order 
Information is decentralized 
dispersed knowledge 
Price me...
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BCOR 1015 Midterm Exam Review with Complete Solutions
- Exam (elaborations) • 7 pages • 2023
- Available in package deal
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- $10.09
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Hayek's argument - ANSWER-He asserts that a centrally planned economy could never match the efficiency of the open market because what is known by a single agent is only a small fraction of the sum total of knowledge held by all members of society. 
A decentralized economy thus complements the dispersed nature of information spread throughout society. 
 
3 main point of Hayek - ANSWER-Information is needed for rational economic order 
Information is decentralized 
dispersed knowledge 
Price m...
-
BCOR 1015 Midterm Exam Questions and Answers Graded A+
- Exam (elaborations) • 4 pages • 2023
- Available in package deal
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- $8.99
- + learn more
Hayek's argument - ANSWER-He asserts that a centrally planned economy could never match the efficiency of the open market because what is known by a single agent is only a small fraction of the sum total of knowledge held by all members of society. 
A decentralized economy thus complements the dispersed nature of information spread throughout society. 
 
3 main point of Hayek - ANSWER-Information is needed for rational economic order 
Information is decentralized 
dispersed knowledge 
Price m...
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