Friedrich Hayek

Friedrich Hayek was the greatest economist in history. Nuff said.

The Use of Knowledge in Society

This essay by Friedrich Hayek, first published in 1945, is in our view the most important essay in the history of economics. It argues that central planning cannot work because the knowledge of people's needs and capacities is dispersed throughout society, and the most effective mechanism to put that knowledge to use is the price system in a free market.

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