Hayek on Competition and Discovery
1,088 views · Published 5 May 2015 · 4:57 · Indexed 24 October 2026
Channel: Marginal Revolution University · 2015 · Education
What is competition? It's often discussed in economics, but we don't always have a clear understanding of what it means. In his 1946 essay, "The Meaning of Competition," Friedrich Hayek argues that competition has to do with the discovery of knowledge, specifically how discovery mechanisms uncover information about cost, innovation, and market preferences. Great Economists: Classical Economics and its Forerunners course: http://mruniversity.com/courses/great-economists-classical-economics-and-its-forerunners Ask a question about the video: http://mruniversity.com/courses/great-economists-classical-economics-and-its-forerunners/hayek-meaning-of-competition-summary#QandA Next video: http://mruniversity.com/courses/great-economists-classical-economics-and-its-forerunners/mises-hayek-critique-of-socialism
