Well I mentioned Hayek. There are two ways. One is because of my interest in political economy. The other way is that Hayek was a pioneer in the use of information in economics. One of the papers that Karl and I wrote together that I continue to like was a paper called "The Uses of Money". In that paper we tried to incorporate information and the cost of information to explain why people use money. One of Hayek's most basic ideas is that institutions are a way of reducing uncertainty. Man struggles to find institutional arrangements which on average make life a bit more predictable. Our "Uses of Money" is not so much about money as we conventionally think about it, it's about the idea of a medium of exchange, the function of an institution called the medium of exchange and how the medium of exchange as an institution resolves a part of peoples uncertainty about the future.
Friedrich HayekRelated topics
basic bit continue cost economics find future idea institution interest man money paper pioneer reducing try use way well Hayek peoples uses waysRelated quotes
As in the case of the individual, not all the information which is available to the race at one time is accessible without special effort. There is a well-known tendency of libraries to become clogged by their own volume; of the sciences to develop such a degree of specialization that the expert is often illiterate outside his own minute specialty. Dr. Vannevar Bush has suggested the use of mechanical aids for the searching through vast bodies of material. These probably have their uses, but they are limited by the impossibility of classifying a book under an unfamiliar heading unless some particular person has already recognized the relevance of that heading for that particular book. In the case where two subjects have the same technique and intellectual content but belong to widely separated fields, this still requires some individual with an almost Leibnizian catholicity of interest.
Norbert Wiener
Functional communication is only the outer layer of the one- dimensional universe in which man is trained to target-to translate the negative into the positive so that he can continue to function, reduced but fit and reasonably well. The institutions of free speech and freedom of thought do not hamper the mental coordination with the established reality. What is taking place is a sweeping redefinition of thought itself, of its function and content. The coordination of the individual with his society reaches into those layers of the mind where the very concepts are elaborated which are designed to comprehend the established reality. These concepts are taken from the intellectual tradition and translated into operational terms-a translation which has the effect of reducing the tension between thought and reality by weakening the negative power of thought.
Herbert Marcuse
With regard to certain other fallacies with which the farmers have been beset, and latterly more so than ever; the farmer has been told that if there was a free trade in corn, wheat would be so cheap, that he would not be able to carry on his farm. He is directed only to look at Dantzic, where corn, he is told, was once selling at 15s. 11d. per quarter, and on this the Essex Protection Society put out their circulars, stating that Dantzic wheat is but 15s. 11d. per quarter, and how would the British farmer contend against this? ...As far as I can obtain information from the books of merchants, the cost of transit from Dantzic, during an average of ten years, may be put down at 10s. 6d. a quarter, including in this, freight, landing, loading, insurance, and other items of every kind. This is the natural protection enjoyed by the farmers of this country.
Richard Cobden
And yet, in our rush to respond to a very real and novel set of threats, the risk of government overreach -- the possibility that we lose some of our core liberties in pursuit of security -- also became more pronounced. [...] intelligence agencies cannot function without secrecy, which makes their work less subject to public debate. Yet there is an inevitable bias not only within the intelligence community, but among all of us who are responsible for national security, to collect more information about the world, not less. So in the absence of institutional requirements for regular debate -- and oversight that is public, as well as private or classified -- the danger of government overreach becomes more acute. And this is particularly true when surveillance technology and our reliance on digital information is evolving much faster than our laws.
Barack Obama
Critics frequently cry 'Dada' after attending one of my concerts or hearing one of my lectures. Others bemoan my interest in w:Zen. One of the liveliest lectures I ever heard was given by Nancy Wilson Ross at the Cornish School in Seattle. It was called Zen Buddhism and Dada. It is possible to make a connection between the two, but neither Dada nor Zen is a fixed tangible. They change; and in quite different ways in different places and times, they invigorate action. What was Dada in the 1920's is now, with the exception of the work of Marcel Duchamp, just art. What I do, I do not wish blamed on Zen, though without my engagement with Zen... I doubt whether I would have done what I have done... I often point out that Dada nowadays has in it a space, an emptiness, that it formerly lacked. What nowadays, America mid-twentieth century, is Zen?
John Cage