Tag Archives: Von Hayek

Von Hayek and Decentralization of Knowledge

Frederick Von Hayek

“In The Use of Knowledge in Society (1945), Hayek …that…. society’s members achieve diverse, complicated ends through a principle of spontaneous self-organization. “

In 2011 “The Use of Knowledge in Society” was selected as one of the top 20 articles published in the American Economic Review during its first 100 years.

He won a Nobel Prize.

Jimmy Wales cites “The Use of Knowledge in Society”, which he read as an undergraduate,[8] as “central” to his thinking about “how to manage the Wikipedia project”.Hayek argued that information is decentralized – that each individual only knows a small fraction of what is known collectively – and that as a result, decisions are best made by those with local knowledge rather than by a central authority.