The 20th century political economist, Friedrich von Hayek first used the term ______……………… to refer to the kind of specialised local knowledge that an entrepreneur might use from day to day in order to secure a profit. Hayek contrasted this with the ______…………………. used in economics; an example of this would be the correlation between R&D spillovers and economic growth, which has no immediate practical implications for entrepreneurial practice.
Complete the following sentence by choosing the appropriate phrase for each gap.
The 20th century political economist, Friedrich von Hayek first used the term practical
knowledge to refer to the kind of specialised local knowledge that an entrepreneur might use
from day to day in order to secure a profit. Hayek contrasted this with the; scientific
knowledge used in economics; an example of this would be the correlation between R&D
spillovers and economic growth, which has no immediate practical implications for
entrepreneurial practice.
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