The Use of Knowledge in Society (by F.A. Hayek)
Channel: Man Against The State
Date: 2016-10-16

Considered by many to be one of the most important essays in the history of economic thought, this essay by Nobel prize winning Austrian economist F.A. Hayek asks: what exactly is the problem that economics exists to solve?

Hayek explains that for society to make the best use of all available resources, decentralization is essential, along with a price system that communicates information to all market participants. He also explains why the positivist approach to economist fails to identify, let alone solve, the economic problem of society.

Article text: https://www.econlib.org/library/Essays/hykKnw.html

My thanks to Ali Eser for creating the artwork for this video. Check out some more of his incredible work here: http://tripna.tumblr.com/