Friedrich Hayek · Economics

The Knowledge Problem

Hayek’s deepest insight: that the knowledge needed to run an economy is scattered across millions of minds and can never be gathered in one place - which is why central planning must fail.

What you'll be able to recall

You learned that Hayek located the case against planning in the dispersal of knowledge. Explain what kind of knowledge he meant and why it resists central collection, in your own words.

Leads to Michael Polanyi.

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