The Black Swan: The Impact of the Highly Improbable · chapter 6 · id the-black-swan-c6-03-hayeks-1945-paper-the-use-of-k
“Hayek's 1945 paper 'The Use of Knowledge in Society' argued that economic knowledge is fundamentally dispersed and cannot be centralized -- no central planner can aggregate the 'knowledge of time and place' held by millions of individuals, making market prices an irreplaceable information system.”
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Receipts
Hayek (1945), 'The Use of Knowledge in Society', American Economic Reviewsource alive
The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances which we must make use of never exists in concentrated or integrated form, but solely as the dispersed bits of incomplete and frequently
Wikipedia: The Use of Knowledge in Societysource alive
The article has over 22,000 citations in Google Scholar and is considered one of the most important in modern economics. Hayek argued that prices serve as a mechanism for communicating information.
Foundation for Economic Education: Hayek's Knowledge Problemsource alive
Hayek points out that sensibly allocating scarce resources requires knowledge dispersed among many people, with no individual or group of experts capable of acquiring it all.
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