The Use of Knowledge in Society

Friedrich Hayek (1899 - 1992)

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 planners, comparing their purely theoretical arguments against real "free market" statistics that have been proven over time and practice to produce better results. (Summary by msfry/progressingamerica)

Genre(s): Mathematics

Language: English

Section Chapter Reader Time
Play 01 Introduction Stacey Malcolm
Play 02 The Use of Knowledge in Society MaryT
Play 03 Uncommon Knowledge Ted Lienhart
Play 04 The Planner's Dilemma gont
Play 05 Useful Individual Knowledge antonyjc66
Play 06 "Miracle" of the Price System Ted Lienhart