The Use of Knowledge in Society

E84435

The Use of Knowledge in Society is a seminal 1945 essay by economist Friedrich Hayek that argues how dispersed, tacit knowledge makes decentralized market prices superior to central planning in coordinating economic activity.

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Generate an image of The Use of Knowledge in Society (The Use of Knowledge in Society is a seminal 1945 essay by economist Friedrich Hayek that argues how dispersed, tacit knowledge makes decentralized market prices superior to central planning in coordinating economic activity.)

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The Use of Knowledge in Society canonical 3

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Statements (49)

Predicate Object
instanceOf academic article ⓘ
economic essay ⓘ
essay ⓘ
arguesAgainst central economic planning ⓘ
socialist calculation ⓘ
author Friedrich A. Hayek ⓘ
linked to: Friedrich Hayek

Friedrich Hayek ⓘ
centralConcept decentralized decision-making ⓘ
dispersed knowledge ⓘ
economic coordination ⓘ
knowledge problem ⓘ
local knowledge ⓘ
market process ⓘ
price system ⓘ
spontaneous order ⓘ
tacit knowledge ⓘ
countryOfOrigin United States ⓘ
field economics ⓘ
epistemology of economics ⓘ
political economy ⓘ
firstPublished September 1945 ⓘ
influenced information economics ⓘ
knowledge management in economics ⓘ
market process theory ⓘ
new institutional economics ⓘ
public choice theory ⓘ
theory of the firm ⓘ
influencedBy Austrian School of economics ⓘ
Ludwig von Mises ⓘ
language English ⓘ
notableAs classic essay in Austrian economics ⓘ
seminal work in information economics ⓘ
publicationType journal article ⓘ
publicationYear 1945 ⓘ
publishedIn American Economic Review ⓘ
relatedTo Austrian economics ⓘ
The Road to Serfdom ⓘ
socialist calculation debate ⓘ
supports decentralized markets ⓘ
price mechanism ⓘ
thesis central planners cannot aggregate and use all relevant local knowledge ⓘ
economic knowledge is widely dispersed among individuals and cannot be fully centralized ⓘ
market prices communicate information about relative scarcities ⓘ
practical knowledge is often tacit and context-specific ⓘ
the price system coordinates individual plans without central direction ⓘ
topic coordination problem ⓘ
economic planning ⓘ
information and incentives ⓘ
price signals ⓘ

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Referenced by (3)

Full triples — surface form annotated when it differs from this entity's canonical label.

Friedrich Hayek → notableWork → The Use of Knowledge in Society ⓘ
Market Theory and the Price System → relatedTo → The Use of Knowledge in Society ⓘ
socialist calculation debate → hasImportantWork → The Use of Knowledge in Society ⓘ