Nathan Goodman, at the Liberty Minded blog, pulls the Hayekian knowledge problem out of the pricing field and applies it in the field of social relations. Well, technically speaking, Goodman employs just the tacit knowledge elements of Hayek’s “The Use of Knowledge in Society” article, but he uses it to make a good point: some …
Michael Giberson In a randomized control experiment, subjects unconsciously primed to think about markets were more trusting in a subsequent anonymous economic exchange. The authors note that the positive effect of trust on economic growth is well documented — in particular, widespread market activity requires people to trust anonymous strangers — but scholars have been …
Markets Make You More Trusting, but Not Necessarily More Trustworthy Read More »
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