Milton Friedman once said about this classic essay from 1958, 'I know of no other piece of literature that so succinctly, persuasively, and effectively illustrates the meaning of both Adam Smith’s invisible hand—the possibility of cooperation without coercion—and Friedrich Hayek’s emphasis on the importance of dispersed knowledge.' Nuff said.
The world is on loop, and to prove it, Historia serves up old, dusty pieces with immense contemporary relevance.
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.
Walter Lippmann's seminal book, Public Opinion, was published in 1922, but reads like it was written for 2017. Here's the opening chapter of the book, which describes, long before the advent of social media, "the insertion between man and his environment of a pseudo-environment."