HCC talks March – University of Copenhagen

HCC talks March

Welcome to the HCC talks of March. The program for this month's  talks includes:

Nils G. Indahl

How do individuals coordinate their action in the network economy?

A central problem in the social sciences is how billions of acting individuals can aspire to coordinate their actions in order to optimise development in society as a whole. Subjective value theory has developed a lot since Carl Menger introduced it in 1871 in his book "Grundsätze der Volkswirtschaftslehre" (Principles of Economics). The Nobel laureate Friedrich Hayek states that information is private until it is revealed in networks, and that central planning will, therefore, in principle be impossible. Recently, the advent of the microchip in networks has enabled the acting individual to be informed better and faster. Citizens are finding new ways of coordinating action through markets, such as crowdfunding and alternative payment models. I am asking the question whether Hayek’s dictum still holds true in the age of big data: Will individuals only part with information voluntarily, or can they be coerced to do so?