The price conveys embedded information about the abundance of resources as well as their desirability which in turn allows, on the basis of individual consensual decisions, corrections that prevent shortages and surpluses ; Mises and Hayek argued that this is the only possible solution, and without the information provided by market prices socialism lacks a method to rationally allocate resources.

Paul Cockshott and Allin Cottrell in Towards a New Socialism, Information and Economics: A Critique of Hayek, and Against Mises have argued that the use of computational technology now simplifies economic calculation and allows central planning to be implemented and sustained.

Friedrich Hayek in his The Use of Knowledge in Society argued that " knowledge of the particular circumstances of time and place " is not easily aggregated and is often ignored by professional economists.

In 1932, Hayek suggested that private investment in the public markets was a better road to wealth and economic coordination in Britain than government spending programs, as argued in a letter he co-signed with Lionel Robbins and others in an exchange of letters with John Maynard Keynes in The Times.

In his Prices and Production ( 1931 ), Hayek argued that the business cycle resulted from the central bank's inflationary credit expansion and its transmission over time, leading to a capital misallocation caused by the artificially low interest rates.

In accordance with the reasoning later outlined in his essay The Use of Knowledge in Society ( 1945 ), Hayek argued that a monopolistic governmental agency like a central bank can neither possess the relevant information which should govern supply of money, nor have the ability to use it correctly.

Hayek argued that all forms of collectivism ( even those theoretically based on voluntary cooperation ) could only be maintained by a central authority of some kind.

In his popular book, The Road to Serfdom ( 1944 ) and in subsequent academic works, Hayek argued that socialism required central economic planning and that such planning in turn leads towards totalitarianism.

Building on the earlier work of Ludwig von Mises and others, Hayek also argued that while in centrally planned economies an individual or a select group of individuals must determine the distribution of resources, these planners will never have enough information to carry out this allocation reliably.

In The Use of Knowledge in Society ( 1945 ), Hayek argued that the price mechanism serves to share and synchronize local and personal knowledge, allowing society's members to achieve diverse, complicated ends through a principle of spontaneous self-organization.

Hayek argued that his ideal individualistic, free-market polity would be self-regulating to such a degree that it would be ' a society which does not depend for its functioning on our finding good men for running it '.

* Friedrich Hayek: He argued that central planning was inefficient because members of central bodies could not know enough to match the preferences of consumers and workers with existing conditions.

Hayek further argued that central economic planning-a mainstay of socialism-would lead to a " total " state with dangerous power.

Hayek ( 1935 ) argued against the proposal to simulate markets with equations.

Critics of the British mixed economy, including Ludwig von Mises and Friedrich von Hayek, argued that what is called a mixed economy is a move toward socialism and increasing the influence of the state.

Hayek argued that increased economic freedom had put pressure on the dictatorship over time and increased political freedom.

In The Road to Serfdom, Hayek argued that " Economic control is not merely control of a sector of human life which can be separated from the rest ; it is the control of the means for all our ends.

Due to the ignorance of the individual, Hayek argued that an individual could not understand which of the various political, economic and social rules they had followed had made them successful.

Hayek did not believe that a complete lack of coercion was possible, or even desirable, for a liberal society, and he argued that a set of traditions was absolutely necessary which allowed individuals to judge whether they would or would not be coerced.

In The Road to Serfdom, Hayek argued that " Economic control is not merely control of a sector of human life which can be separated from the rest ; it is the control of the means for all our ends.

Austrian School economists Ludwig Von Mises and Friedrich August Hayek argued that private property rights are a requisite for rational economic calculation and that the prices of goods and services cannot be determined accurately enough to make efficient economic calculation without clearly defined private-property rights.

Economist F. A. Hayek has argued that the second generation concept of " social justice " cannot have any practical political meaning:

Friedrich Hayek argued that the certainty of law contributed to the prosperity of the West more than any other single factor.

In The Road to Serfdom, Hayek argued that " Economic control is not merely control of a sector of human life which can be separated from the rest ; it is the control of the means for all our ends.

Friedrich Hayek, another Austrian theorist, argued that Keynes ' study of the aggregate relations in an economy is fallacious, as recessions are caused by micro-economic factors.

The Road to Serfdom was to be the popular edition of the second volume of Hayek ’ s treatise entitled “ The Abuse and Decline of Reason ,” and the title was inspired by the writings of the 19th century French classical liberal thinker Alexis de Tocqueville on the “ road to servitude .” The book was first published in Britain by Routledge in March 1944, during World War II, and was quite popular, leading Hayek to call it “ that unobtainable book ,” also due in part to wartime paper rationing.

Hayek ( 1899 – 1992 ) in 1944 galvanized opponents of the New Deal by arguing that the left in Britain was leading that nation down the " road to serfdom ".

F. A. Hayek wrote that Hobhouse's book would have been more accurately titled Socialism, and Hobhouse himself called his beliefs " liberal socialism ".

As for socialism, Mises ( 1944 ) and Hayek ( 1937 ) insisted that bureaucrats in individual ministries could never coordinate their plans, not without a price system.

Mises and Hayek saw centralization as inevitable in socialism.

Hayek ( 1935, 1937, 1940, 1945 ) stressed the knowledge problem of central planning, partly because decentralized socialism seemed indefensible.

Hayek responded by arguing that the simulation of markets in socialism would fail due to a lack of genuine competition and entrepreneurship.

Hayek was concerned about the general view in Britain's academia that fascism was a capitalist reaction to socialism and The Road to Serfdom arose from those concerns.

Through analysis of this and other of Hayek's works, Block purports, " in making the case against socialism, Hayek was led into making all sort of compromises with what otherwise appeared to be his own philosophical perspective – so much so, that if a system was erected on the basis of them, it would not differ too sharply from what this author explicitly opposed.

By 1947, Hayek was an organizer of the Mont Pelerin Society, a group of classical liberals who sought to oppose what they saw as socialism in various areas.

Friedrich Hayek in particular elaborated the arguments of Weber and Mises about economic calculation into a central part of free market economics's intellectual assault on socialism, as well as into a model for the spontaneous coordination of " dispersed knowledge " in markets.

Hayek felt that application of Keynes's policies would give too much power to the state and would lead to socialism.

Austrian economists such as Ludwig Von Mises and Friedrich Hayek for example continually used the word " socialism " as a synonym for state socialism and central planning.

He further explained in Dissent in 1992 that " capitalism has been as unmistakable a success as socialism has been a failure " and complimented Milton Friedman, Friedrich Hayek, and Ludwig von Mises on their insistence of the free market's superiority.

Hayek referred to Eastman's life and to his repudiation of socialism in his widely read The Road to Serfdom, and, in turn, Eastman arranged for the serialization of the future Nobel laureate's work in Reader's Digest.

Significantly, Hayek challenged the general view among British academics that fascism was a capitalist reaction against socialism, instead arguing that fascism and socialism had common roots in central economic planning and the power of the state over the individual.

Hayek analyzes the roots of Nazism in socialism, then draws parallels to the thought of British leaders:

I think the Adam Smith role was played in this cycle the late twentieth century collapse of socialism in which the idea of free-markets succeeded first, and then special events catalyzed a complete change of socio-political policy in countries around the world by Friedrich Hayek ’ s The Road to Serfdom.

The price conveys embedded information about the abundance of resources as well as their desirability which in turn allows, on the basis of individual consensual decisions, corrections that prevent shortages and surpluses ; Mises and Hayek argued that this is the only possible solution, and without the information provided by market prices socialism lacks a method to rationally allocate resources.