A Quote by Fritz Machlup
One of the most original and most important ideas advanced by Hayek is the role of the 'division of knowledge' in economic society.
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Tacit knowledge is one of the most important concepts of current scholarship in the humanities. Ambitious and important, Tacit and Explicit Knowledge is a well-written and original book.
Ideas, as the raw material from which knowledge is produced, exist in superabundance, but that makes the production of knowledge more difficult rather than easier. Many ideas- probably most- will have to be discarded somewhere in the process of producing authenticated knowledge. Authentication is as important as the raw information itself, and the manner and speed of the authentication process can be crucial.
Chiefly the sea-shore has been the point of departure to knowledge, as to commerce. The most advanced nations are always those who navigate the most.
If one writing contributed more than any other to the framework in which this work Sowell's Knowledge and Decisions developed, it would be an essay entitled 'The Use of Knowledge in Society,' published in the American Economic Review of September 1945, and written by F. A. Hayek . . In this plain and apparently simple essay was a deeply penetrating insight into the way societies function and malfunction, and clues as to why they are so often and so profoundly misunderstood.
A healthy society rests on three pillars: business, government and civil society, or non-profits. Each has a distinct and important role to play, and all three need to work together synergistically to create the most value for society.
The five most important words a leader can speak are - 'I am proud of you'
The four most important are - 'What is your opinion?'
The three most important are - 'If you please'
The two most important are - 'Thank You'
And the most important single word of all is - 'You'
Deciding which ideas to save and which ideas to discard is one of society's most important tasks.
When you're an immigrant, you're at the bottom of the ladder. You might not be at the bottom of the ladder economically. Those contradictions led me to feel that the role in society I was given didn't jive with my sense of myself. I think, in fact, that is the case with most people. Everybody feels themselves to be in an original relationship to creation, and feels confined by their social role.
America still has the right stuff to thrive. We still have the most creative, diverse, innovative culture and open society - in a world where the ability to imagine and generate new ideas with speed and to implement them through global collaboration is the most important competitive advantage.
At the heart of capitalism is the unification of knowledge and power. As Friedrich Hayek, the leader of the Austrian school of economics, put it, "To assume all the knowledge to be given to a single mind... is to disregard everything that is important and significant in the real world." Because knowledge is dispersed, power must be as well.
The ideas of an age are most abundant where they are not crowded by original ideas.
The United States is probably the most [socially] mobile society in the history of the world. The virtues that are most valuable in it are diligence, discipline, ambition, and a willingness to take risks. Education and credentials are most important in government; elsewhere most skills are learned on the job.
This society in which knowledge workers dominate is in danger of a new "class conflict" between the large minority of knowledge workers and the majority of workers who will make their livings through traditional ways, either by manual work... or by service work. The productivity of knowledge work - still abysmally low - will predictably become the economic challenge of the knowledge society. On it will depend the ability of the knowledge society to give decent incomes, and with them dignity and status, to non knowledge people.
By realizing that we are ignorant of the most important things, we realize at the same time that the most important thing for us, or the one thing needful, is quest for knowledge of the most important things or quest for wisdom.
The postwar [WWII] GI Bill of Rights - and the enthusiastic response to it on the part of America's veterans - signaled the shift to the knowledge society. Future historians may consider it the most important event of the twentieth century. We are clearly in the midst of this transformation; indeed, if history is any guide, it will not be completed until 2010 or 2020. But already it has changed the political, economic and moral landscape of the world.
Most "original" ideas aren't completely original, but instead are the result of two basic methods for generating ideas: problems in search of solutions and solutions in search of problems.
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