The Use Of Knowledge In Society by Friedrich von Hayek
Argues that the information needed to make economic decisions is widely dispersed among individuals and cannot be centrally collected; market prices act as signals that condense local, tacit knowledge and coordinate independent decisions, allowing resources to be used efficiently without centralized control, whereas central planning inevitably fails because it lacks access to the dispersed, context-specific information embedded in millions of individual choices.
- Published
- 1945
- Nationality
- British
- Length
- Unknown
- Pages
- 10-15 pages
- Original Language
- English
- Avg User Rating
-
(3.0)
- Alternate Titles
- - Use of Knowledge in Society
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