Hayek on the Use of Knowledge in Society Video

This video discusses Friedrich Hayek’s most famous essay titled “The Use of Knowledge in Society.” This essay first appeared in the American Economic Review in 1945 and focused on the division of knowledge in society. Hayek uses the example of the tin market to illustrate how prices communicate relevant information. If there is a disruption in the tin market, individuals don’t need to know specifics about the disruption, just that the price for tin is higher. As the price increases, individuals economize or look for substitutes. In this sense, no one plans prices or markets, rather it is the result of spontaneous order. Entrepreneurs seek profits and consumers seek to maximize their utility, which bring about the use and mobilization of decentralized knowledge.

Great Economists: Classical Economics and its Forerunners course: http://mruniversity.com/courses/great-economists-classical-economics-and-its-forerunners

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About the Site 🌐

This site provides links to random videos hosted at YouTube, with the emphasis on random. 🎥

Origins of the Idea 🌱

The original idea for this site stemmed from the need to benchmark the popularity of a video against the general population of YouTube videos. 🧠

Challenges Faced 🤔

Obtaining a large sample of videos was crucial for accurate ranking, but YouTube lacks a direct method to gather random video IDs.

Even searching for random strings on YouTube doesn't yield truly random results, complicating the process further. 🔍

Creating Truly Random Links 🛠️

The YouTube API offers additional functions enabling the discovery of more random videos. Through inventive techniques and a touch of space-time manipulation, we've achieved a process yielding nearly 100% random links to YouTube videos.

About YouTube 📺

YouTube, an American video-sharing website based in San Bruno, California, offers a diverse range of user-generated and corporate media content. 🌟

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While most content is uploaded by individuals, media corporations like CBS and the BBC also contribute. Unregistered users can watch videos, while registered users enjoy additional privileges such as uploading unlimited videos and adding comments.

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YouTube and creators earn revenue through Google AdSense, with most videos free to view. Premium channels and subscription services like YouTube Music and YouTube Premium offer ad-free streaming.

As of February 2017, over 400 hours of content were uploaded to YouTube every minute, with the site ranking as the second-most popular globally. By May 2019, this figure exceeded 500 hours per minute. 📈

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