The Use of Knowledge in Society
1945 scholarly article by economist Friedrich Hayek
The Use of Knowledge in Society
"The Use of Knowledge in Society" is a scholarly article written by Austrian-British academic economist Friedrich Hayek, first published in the September 1945 issue of The American Economic Review. Written (along with The Meaning of Competition) as a rebuttal to fellow economist Oskar R. Lange and his endorsement of a planned economy, it was included among the twelve essays in Hayek's 1948 compendium Individualism and Economic Order. The article is considered one of the most important in the field of modern economics. Hayek argues that information is decentralized and that that knowledge is unevenly dispersed among different members of society. As a result, decisions are best made by those with local knowledge rather than by a central authority. The article's influence extended beyond economics, Jimmy Wales, co-founder of Wikipedia, stated these concepts were "central" to his thinking about "how to manage the Wikipedia project".
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