Hi Hive account@marshbella, I enjoyed reading your insight on, “The Use of Knowledge in Society” written by Hayek. However, from what I recognized and read in your writing, I think we each gathered two different points of view on this article. From what I understood, your takeaway from this article is that individuals must have knowledge of the world in order to make decisions. You used the quote,

“When A fails B will take over with new knowledge to get the job done” (The use of knowledge in society 6, 2023)

as an example of putting together knowledge in order to make decisions. I could not find that quote in the essay, but I saw where you might have found it from. I think that part of the article was about how little changes that happen in the work environment have an impact. Sometimes our environment runs out of consumers requested needs and products and then offers something else. I believe that’s what it is referring to when it states,

“...by B stepping in at once when A fails to deliver” (Hayek, 1945, p. 524).

I think this quote is saying, in the context of this article, is that when a resource runs out, having the knowledge to come up with a backup is necessary. From my perspective, I also think this article is about knowing how individuals and our society function for producers to determine the right price of goods. When a product that individuals in our society want runs out, or becomes limited, entrepreneurs will increase the price of that product so that they will possess a higher cost than individuals will pay, slowing down them running out of the item. Individuals will generally pay any price when an item that is of high value to them is limited. Lastly, I am not sure if you read the primary reading or forgot to include it in your writing, but I did not see any mention of it. This reading was the main aspect of this week's modules because it emphasized the way entrepreneurs' price their products or services and the fact that prices will change over time. When an item is being produced and priced, entrepreneurs must consider how much they spent to create it and incorporate it in the final cost. I gave the example of Alix Earle becoming famous with her get ready videos. When she went viral, many individuals ran out to buy her products, so they started to become limited. The entrepreneurs that created these products increased the price so that individuals would either pay more for the products or not buy them. This knowledge of knowing how individuals will pay more for what they value helps the entrepreneurs earn a greater profit, which is what the secondary reading emphasized.