BEGINNER

The Knowledge Problem

No one person holds all the relevant information needed to plan an economy. F.A. Hayek observed this in his widely cited article, "The Use of Knowledge in Society" where he points out  that the data required for rational economic planning are distributed among individual actors and thus exist unavoidably outside the knowledge of a central authority. 

Paul Cwik - Problems and Prices

Steve Horwitz - Hayek, the Market Order, and the Fatal Conceit

Related Publications

ARCHIVE

Socialist Theater 101

DECEMBER 08, 2011 by NICHOLAS SNOW

MULTIMEDIA

Knowing What Just Ain't So (Pt. 2)

JUNE 22, 2009

MULTIMEDIA

Knowing What Just Ain't So

JUNE 17, 2009

ARTICLE

TGIF: Government Failure

by Sheldon Richman

OCTOBER 05, 2007 by SHELDON RICHMAN

Related Freeman Articles

PERSPECTIVE

Imperfect Knowledge

From the Very Beginning, the Austrian School Put Uncertainty and Error at the Center of Economic Theory

DECEMBER 01, 2001 by SHELDON RICHMAN

ARTICLE

Mises, Hayek, and the Market Process: An Introduction

How Are Market-Based Economies Cultivated and Maintained?

JANUARY 01, 1997 by DAVID PRYCHITKO, NEVENKA CUCKOVIC

Related Multimedia

MULTIMEDIA - AUDIO

Socialist Calculation Debate

SEPTEMBER 22, 2009

MULTIMEDIA - AUDIO

The Socialist Calculation Debate

SEPTEMBER 15, 2009

ONLINE EVENTS

FEE offers live online events for people new to the economic, ethical, and legal principles of a free society.

CURRENT ISSUE

November 2014

It's been 40 years since F. A. Hayek received his Nobel Prize. His insights, particularly on the distribution of knowledge and the impossibility of economic planning, remain hugely important today. In this issue, we look back on the influence of his work. Max Borders and Craig Biddle debate whether liberty must be defended from one absolute foundation, further reflections on Scottish secession, and how technology is already changing our world for the better--including how robots, despite the unease they cause, will only accelerate this process.
Download Free PDF

PAST ISSUES

SUBSCRIBE

RENEW YOUR SUBSCRIPTION

img E-mail Subscription

VIEW PRIVACY POLICY