Hayek,F.A. 1945."The Use of Knowledgein Society."AmericanEconomic
Review, 35(4): 519-30.
The authoraddressesthefundamental questionofthenatureoftheeconomic
systemand,inparticular, itsroleindealingwithresourceallocationwhena fundamentalknowledgebase is distributed in smallbitsamonga largepopulation.
The knowledgeneededincludesconsumervaluations, productionrelations, and
resourceavailabilities.In particular, generalscientific principles, whereexpert
opinionmightbe best,areonlya smallpartoftheknowledgebase.Theauthor
arguesfortheimportance ofa pricesystemin achievingcoordinationandefficiencyinresourceusewithout implyinganimpossibleaggregation ofinformation
ina central place.