<XML><RECORDS><RECORD><REFERENCE_TYPE>0</REFERENCE_TYPE><REFNUM>5260</REFNUM><AUTHORS><AUTHOR>Cockshott,P.</AUTHOR><AUTHOR>Cottrell,A.</AUTHOR></AUTHORS><YEAR>1997</YEAR><TITLE>Information and Economics</TITLE><PLACE_PUBLISHED>Research in Political Economy (Volume 16) </PLACE_PUBLISHED><PUBLISHER>JAI Press</PUBLISHER><LABEL>Cockshott:1997:5260</LABEL><ABSTRACT> The article presents Hayek,s arguments about the use of information in economics and asseses their adequacy. They are criticised both with respect to their subjectivist philosophical foundations, and by applying the techniques of information theory. We use information theory to show that Hayek underestimates the information costs involved in the operation of the market and overestimates the information costs of detail planning. </ABSTRACT></RECORD></RECORDS></XML>