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The Use of Knowledge in Society

F. A. Hayek · American Economic Review 35(4), 519–530 · 1945

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Type: Article
Author: F. A. Hayek
Accessed: 2026-09-01

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TheoryHayek (1945) argued that the central economic problem is using knowledge of particular circumstances of time and place that is dispersed among many people and never given to a single mind, and that the price system communicates this knowledge.