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Erik Torenberg
@eriktorenberg
, 3 tweets, 1 min read Read on Twitter
Hayek's “Use of Knowledge in Society” asks readers to consider a world in which all information is known to one person

In this world, allocating resources in the most efficient way is merely a math
problem - 1 person can just add up the pros + cons and pick the optimal solution
In 20th century, democracy and capitalism defeated communism + socialism because in the latter, a central planner couldn’t know all the information, let alone process the data.

But in a world with better information systems & AI, won’t we be able to anticipate supply / demand?
h/t npr.org/templates/tran…
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More from @eriktorenberg see all

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Erik Torenberg
@eriktorenberg
Up until industrial revolution, whole of human society was organized around grandparents, parents, & children.

Everything about what it meant to be human had to be passed on orally through those generations.

When information took on a more central role, a gulf emerged between the generations.

If you could get access to new & valuable information, you could get a new life.

But that information has created situations we don't know how to handle
We used to have very little information, but we were flush in meaning

Now we are drowning in information, and starved of meaning.

We are meaning making creatures — that’s how we survive
Read 8 tweets
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Erik Torenberg
@eriktorenberg
From dependency->interest based communities

Internet hurt comm initially bc enabled us to pursue unique interests/curiosity, instead of relying on proximate community to fulfill

Internet is now enabling new communities bc we can better find/coordinate w/ ppl who share interests
Now we can do things alone, but feel less alone because we know others are also doing it at same time

We read alone, but now we see who's also reading the same book at same time (h/t @dksf highlighter.com)

Same with music (spotify), gaming (Twitch), running (Strava) etc
Perhaps that could be a heuristic:

Find a thing that people love doing alone (and are ok admitting) and build a community or network around it so they can serendipitously see who else is doing that same thing at ~the same time.
Read 3 tweets
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Erik Torenberg
@eriktorenberg
I'd like to see a service that matches mentors & mentees and gives mentors skin in the game.

As an experiment, I'd like to be on someone's "personal board" (i.e. just mentorship) in exchange for small, symbolic, compensation via an ISA.

Apply via DM and I'll respond if a fit.
Thanks to all who applied

I'm going to help @xix1sh think abt her career / side project ideas, + we'll both donate $100 to a charity of her choosing.

No ISA (too taxing to set up now) but I wonder if the symbolic gesture will make us more committed or change behavior otherwise.
Learning: There's a lot of demand for this idea from mentors/mentees (cc @purrmin), but there's also a lot of ethical pushback from others for various reasons

If you pursue this idea (or work in ISAs more broadly) you should (+ I should) become familiar w/ those concerns head on
Read 3 tweets

Related threads

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Daniel Gomez Gaviria
@dgomezco
Un hilo para #econpapers2019 sobre "The Use of Knowledge in Society" de Hayek (uno de los papers más citados y leídos del AER). Primero un resumen de lo que dice Hayek y luego unas reflexiones del impacto, de la relevancia y ramificaciones.
Hayek parte de la observación de que el conocimiento es atomístico. Todos tenemos información parcial e incompleta, específica a nuestro entorno, tiempo, y espacio (knowledge of time and place). Nadie conoce, ni puede conocer toda esa información.
Hayek se pregunta sobre el sistema que puede lograr el mejor uso de esa información atomística y la mejor manera de lograr coordinación y cooperación entre todos para su mejor uso.
Read 12 tweets
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Taylor Pearson
@TaylorPearsonMe
1/ The problem of incomplete information was first addressed by Friedrich Hayek in his 1945 paper, The Use of Knowledge in Society
2/ Hayek asks readers to consider a world in which all information is known to single individual. In this world, allocating resources in the most efficient way is just a math problem.
3/ However, Hayek points out, this “is emphatically not the economic problem which society faces.” In the real world, information is spread out, incomplete and often contradictory.
Read 35 tweets
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Lamar Cannon
@LamarDealMaker
List of @saifedean's Austrian Economics reading recommendations from his excellent blog post: A Beginner’s Guide to Austrian Economics...
For a general reader looking for an easy and quick read that covers the most important topics in economics and the Austrian perspective on them, it is hard to beat Henry Hazlitt’s Economics In One Lesson. amazon.com/Economics-One-…
If you are interested in a thorough, comprehensive, and systematic treatment of economics, there is no better book than Murray Rothbard’s Man, Economy, and State mises.org/library/man-ec… as well as its sequel Power and Market. mises.org/library/power-…
Read 25 tweets
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Chris Levesque
@Chris_Levesque_
Let’s talk a out the history of libraries, shall we? There’s an awful lot that didn’t make it into my encyclopedia article back in 2008 due to space constraints. I wrote 7,000 words for a 1,000 word article, and I could have just kept going.
The first libraries were storehouses for government information, but expanded to include religious texts, reference materials, and literature. Historically speaking libraries require the support of governments and religious authorities.
The first libraries, starting around 2500 BCE held cuneiform clay tablets. Examples were found near Nippur and near Ebla (modern Aleppo). They contained public records, textbooks, and literature.
Read 98 tweets
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Taylor Pearson
@TaylorPearsonMe
1/ Blockchains will expand the power of markets to corners of society we cannot today even imagine.
2/ By creating new markets and exposing new activities to the price mechanism, blockchains will dramatically improve resource allocation.
3/ In "The Use of Knowledge in Society," Hayek explained that the price mechanism acts as a form of knowledge.
Read 19 tweets
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Yorick de Mombynes
@ydemombynes
Here are my favorite quotes from this amazing book. #THREAD
1. "Bitcoin can be best understood as distributed software that allows for transfer of value using a currency protected from unexpected inflation without relying on trusted third parties"
2. "While Bitcoin is a new invention of the digital age, the problems it purports to solve - namely, providing a form of money that is under the full command of its owner and likely to hold its value in the long run - are as old as human society itself"
Read 137 tweets

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