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The Use of Knowledge in Society - Wikipedia

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"The Use of Knowledge in Society" is a scholarly article written by Austrian-British academic economist Friedrich Hayek, first published in the September 1945 issue of The American Economic Review.[1] Written (along with The Meaning of Competition) as a rebuttal to fellow economist Oskar R. Lange and his endorsement of a planned economy, it was included among the twelve essays in Hayek's 1948 compendium Individualism and Economic Order.[2] The article is considered one of the most important in the field of modern economics.[3] Hayek's article argues against the establishment of a Central Pricing Board (advocated by Lange) by highlighting the dynamic and organic nature of market price-fluctuations, and the benefits of this phenomenon.[4] He asserts that a centrally planned economy could never match the efficiency of the open market because what is known by a single agent is only a small fraction of the sum total of knowledge held by all members of society. A decentralized economy thus c

The Use of Knowledge in Society - Wikipedia Jump to content From Wikipedia, the free encyclopedia 1945 scholarly article by economist Friedrich Hayek Friedrich Hayek " The Use of Knowledge in Society " is a scholarly article written by Austrian-British academic economist Friedrich Hayek , first published in the September 1945 issue of The American Economic Review . [ 1 ] Written (along with The Meaning of Competition ) as a rebuttal to fellow economist Oskar R. Lange and his endorsement of a planned economy , it was included among the twelve essays in Hayek's 1948 compendium Individualism and

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