A Hayekian Critique of Burke and Emerick (2016)
DOI:
https://doi.org/10.30800/mises.2024.v12.1552Keywords:
climate adaptation, Hayek, knowledge theory, competition, environmentAbstract
This paper examines a study conducted by Burke and Emerick (2016) on the adaptation of U.S. agriculture to climate change. The critique focuses on the use of economic theories by Hayek, particularly regarding the utilization of dispersed knowledge in society and competition as a discovery process. Hayek's insights reveal significant limitations in Burke and Emerick's methodology, particularly the inability of their models to capture the complexity and specificity of knowledge and the dynamic role of market prices. This critique argues that centralized interventions could undermine market efficiency and innovation, also presenting an illustrative model. It thus suggests market competition and price signals policies to encourage adaptive and innovative responses. The critique emphasizes the importance of considering dispersed knowledge and market processes in formulating climate adaptation strategies for agriculture.
Downloads
References
Burke, M., & Emerick, K. (2016). Adaptation to climate change: Evidence from US agriculture. American Economic Journal: Economic Policy, 8(03), 106-140. DOI: https://doi.org/10.1257/pol.20130025
Hayek, F. A. (1945). The use of knowledge in society. American Economic Review, 35(04), 519-530.
Hayek, F. A. (1964). The theory of complex phenomena. In M. Bunge (Ed.), The critical approach to science and philosophy (pp. 332-349). New York: Free Press. DOI: https://doi.org/10.4324/9781351313087-22
Hayek, F. A. (1968). Competition as a discovery procedure. In M. S. Snow (Trans.), Quarterly Journal of Austrian Economics, 5(03), 9-23. DOI: https://doi.org/10.1007/s12113-002-1029-0
Jensen, R. (2007). The Digital Provide: Information (Technology), Market Performance, and Welfare in the South Indian Fisheries Sector. The Quarterly Journal of Economics, 122(03), 879-924. DOI: https://doi.org/10.1162/qjec.122.3.879
Mises, L. v. (2010). Lucros e Perdas. São Paulo: Instituto Ludwig von Mises Brasil.
North, D. C. (1974). Beyond the New Economic History. The Journal of Economic History, 34(01), 1–7. DOI: https://doi.org/10.1017/S0022050700079596
Popper, K. R. (1959). The Logic of Scientific Discovery. London: Hutchinson & Co. DOI: https://doi.org/10.1063/1.3060577
Schlenker, W. & Roberts, M. J. (2009). Nonlinear temperature effects indicate severe damages to U.S. crop yields under climate change. Proceedings of the National Academy of Sciences, 106(37), 15594-15598. DOI: https://doi.org/10.1073/pnas.0906865106
WMO. (2017). World Meteorological Organization. Guidelines on the calculation of climate normals.
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 MISES: Interdisciplinary Journal of Philosophy, Law and Economics
This work is licensed under a Creative Commons Attribution 4.0 International License.
This Journal is licensed under a Creative Commons Attribution 4.0 International License.
