[lurking15]

I guess I see this as an attempt or yearning to discredit him, but following in the work that sprung from Hayek and friends, the motivation for his work is clearly curiosity and wonder about how does anything get done in the world without coordination, never mind the wondrously complex things that are created nowadays.

His conclusion is that knowledge is dispersed, represented in prices that arise from markets which is simply understood as cooperation. Knowledge may frankly be expressed as whatever enables and motivates someone to offer something on the market. If that's too vague for your taste, too bad.

The wonder is that uncoordinated, independent cooperation gives rise to such abundant and sophisticated products. Not only that it's in a system that expresses everyone's individual preferences and competing interests. Central planning fails spectacularly to do this, and there's no reason to believe that it ever will even with fantastic computational power.

[kaycebasques]

Definitely not trying to discredit him. I have no horse in that economic ideology race. I'm just honestly curious about what the heck we mean when we talk about knowledge. The background is that I'm a technical writer (TW), and a lot of us TWs are recognizing that knowledge management is becoming even more important than it already was before (and we already knew it was an important part of our role). So naturally as I begin this journey I am looking deeply into the meaning of the term and finding many different definitions. Your synthesis of this article for example gave me yet another new perspective on it.

[lurking15]

Ah got it. I think the idea of knowledge management is maybe misguided when applied to economics.

Knowledge in economic terms is much less definite because prices reflect subjective value.