Valentinov, Vladislav - In: Business Ethics, the Environment & Responsibility 31 (2022) 2, pp. 536-545
This paper explores the potential for stakeholder theory to illuminate what F.A. Hayek called "the knowledge problem …", pertaining to how a society manages to utilize "knowledge not given to anyone in its totality". According to Hayek, this problem … is addressed by the price system, which induces economic actors to harness local and dispersed pieces of knowledge that …