Dictionary of Arguments


Philosophical and Scientific Issues in Dispute
 
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Entry
Reference
Information Hayek Sunstone I 14
Information/prices/markets/Hayek/Sunstein: a pricing system, as suggested by Friedrich August von Hayek, can help in solving the problem of how (implicit) pressure is exerted in group discussions to withhold potentially crucial information. This has a pronounced effect on the gathering of information. Markets/Hayek: Markets create prices for goods in a way that processes scattered information distributed among very different people. In markets, participants have an extreme incentive to be right. Some information may remain "hidden", but when it comes to making a profit, this information will not be hidden for customers and investors for long. For this reason, market prices reflect a high degree of information. (Cf. (1))
Sunstein: You could say that markets create something like a "Daily Us": (See Filter bubbles/Sunstein).
SunsteinVsHayek: However, his argumentation had a blind spot. Markets can also process false information. Styles can lead to inflationary prices. This can also affect land and real estate prices. (See Markets/Sunstein, Markets/Hayek).
I 132
Prediction markets/forecast markets/Sunstein: Examples where information markets are efficient: For example, to recognize tendencies of air pollution, to observe deficits in public budgets (2). For example, tracking outbreaks of diseases and predicting their spread or monitoring the solvency of institutions. (3)
I 137
Manipulation: Candidate Pat Buchanan's supporters bought large quantities of shares in the IEM (Iowa Electronic Market, a prediction market for elections) in 2000 to manipulate the prediction. However, better informed investors subsequently took advantage of this.

1. Friedrich Hayek, Law, Legislation, and Liberty, vol. 1: Rules and Order (Chicago: University of Chicago Press, 1973) p. 13.
2. See Abramowicz, “Prediction Markets, Administrative Decisionmaking, and Predictive Cost-Benefit Analysis,” pp. 990–92.
3. ibid. pp. 987-90.

Hayek I
Friedrich A. Hayek
The Road to Serfdom: Text and Documents--The Definitive Edition (The Collected Works of F. A. Hayek, Volume 2) Chicago 2007

Justice Hayek Mause I 197
Justice/Hayek: HayekVsRawls: Hayek's philosophy of freedom sees redistribution as an inadmissible interference in the autonomy rights of individuals and therefore rejects them because of their negative effects on social justice. (1)
Hayek's thesis: the overriding norm is that of individual autonomy. Terms that limit this autonomy need to be justified. For example, re-distribution: does not stand up to this justification, as the market is unsurpassedly efficient for Hayek.
Market/Hayek: For the market to function optimally, all it needs is equal rights for all market participants, maximum contractual freedom and a minimum social security system. Any further redistribution measures would not only suppress the incentive to secure one's own existence. Nor would it have any legitimation either: possible unequal exchange results of the market are an unintended consequence of individual action and, due to the lack of intentionality, cannot justify any follow-up responsibility. (2)
VsHayek: he does not take into account that interest groups can influence pricing or that a large number of services are not provided via the market. (3)
Mause I 203
Justice/Theories of Justice/Hayek: Where Hayek relies on the principle of performance justice, Rawls focuses on equal opportunities, while Sens' principle of participation justice comes very close to need justice. (4)(5) RawlsVsHayek, HayekVsRawls, SenVsRawls, RawlsVsSen, SenVsRawls, SenVsHayek, HayekVsSen.


1. F. A. von Hayek, Die Verfassung der Freiheit. Tübingen 1971.
2. W. Kersting, Kersting, Theorien der sozialen Gerechtigkeit. Stuttgart 2000, pp. 60-63.
3.I. Becker, R. Hauser, 2011. Soziale Gerechtigkeit – ein magisches Viereck: Zieldimensionen, Politikanalysen und empirische Befunde. Berlin 2011, pp. 31-34.
3. Sven Jochem, Reformpolitik im Wohlfahrtsstaat: Deutschland im internationalen Vergleich. Berlin 2009, p. 68.
4. Cf. Rieger, Elmar, und Stephan Leibfried, Kultur versus Globalisierung: Sozialpolitische Theologie in Konfuzianismus und Christentum. Frankfurt am Main 2004, p. 44.

Hayek I
Friedrich A. Hayek
The Road to Serfdom: Text and Documents--The Definitive Edition (The Collected Works of F. A. Hayek, Volume 2) Chicago 2007


Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018
Morals Hayek Sunstein I 123
Moral/Hayek/Sunstein: Hayek's thesis: Morality is itself a product of many minds that make many decisions over time, creating a set of principles that are unlikely to be embraced by any individual mind or theory. Hayek's thesis: "Our morality equips us with possibilities that are greater than those that reason could give us. (1)
Sunstein I 124
Sunstein: Hayek's conclusion is that many ghosts are responsible for ((s) the emergence of) morality over time. SunsteinVsHayek: he does not take into account the effects of group pressure on information retention (>Information Cascades). Precisely this can contribute to the fact that traditional moral concepts last longer than necessary. (See Politics/Sunstein, Communication/Sunstein).

1. Friedrich Hayek, “The Origins and Effects of Our Morals: A Problem for Science,” in The Essence of Hayek, 318, 330.

Hayek I
Friedrich A. Hayek
The Road to Serfdom: Text and Documents--The Definitive Edition (The Collected Works of F. A. Hayek, Volume 2) Chicago 2007


Sunstein I
Cass R. Sunstein
Infotopia: How Many Minds Produce Knowledge Oxford 2008

Sunstein II
Cass R. Sunstein
#Republic: Divided Democracy in the Age of Social Media Princeton 2017