Use of Knowledge in Society
Author: first_name: Friedrich
last_name: Hayek
Language: English
Year: 1945

An article written from a scholarly point of view in 1945 which critically examines the concept of a planned economy while highlighting the efficiencies of a decentralized market structure (as propounded by Ludwig von Mises and the Austrian School of Economics). Hayek, famous for stating von Mises' complex theories in more understandable terms, highlights in this short paper the important role of "localized information" in a decentralized economic structure, which is unavailable to central plann