The Use of Knowledge in Society

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The American Economic Review VOLUME XXXV SEPTEMBER,1945 NUMBER FOUR THE USE OF KNOWLEDGE IN SOCIETY By F. A. HAYEK* I What is the problem we wish to solve when we try to construct a rational economic order? On certain familiar assumptions the answer is simple enough. If we possess all the relevant information, if we can start out from a given system of preferences and if we command complete knowledge of available…

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