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« Stephen Miller -- Teacher/Scholar/Academic Entrepreneur | Main | Happy Birthday Professor Hayek! »


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Very coherently expressed, thanks.

Indeed at the individual level it's about how can we creatively combine our existing ideas to act in manners which adds value.

At the societal level it seems to be about discovering the scientific nature of institutions which will allow the best practices to evolve from a multitude of human actions.

F.A.Hayek explained how emergence of various phenomenons can be eventually attributed to properties already immanent in the system, otherwise the idea of evolution itself is falsified.

"The theory as such, as is true of all theories, describes merely a range of possibilities. In doing this it excludes other conceivable courses of events and thus can be falsified. Its empirical content consists in what it forbids. If a sequence of events should be observed which cannot be fitted into its pattern, such as, e.g., that horses suddenly should begin to give birth to young with wings, or that the cutting off of a hind-paw in successive generations of dogs should result in dogs being born without that hind-paw, we should regard the theory as refuted."

Actually we can also interpret electrical/computer science engineering in the same light. It's mostly about organizing already existing abstract logical blocks in various ways, but based on some scientific principles and for catering to some economic ends.

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