The problem of planning production is the knowledge problem explained by Hayek ( 1937, 1945 ) The planning could either be done in a decentralised fashion, requiring some mechanism to make the individual plans coherent, or centrally, requiring a lot of information.

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.

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.

" Hayek had hoped to receive a baronetcy, and after he was awarded the CH he sent a letter to his friends requesting that he be called the English version of Friedrich ( Frederick ) from now on.

In a letter to Hayek in 1944, Popper stated, " I think I have learnt more from you than from any other living thinker, except perhaps Alfred Tarski.

After reading Hayek's The Road to Serfdom, Keynes wrote to Hayek saying: " Morally and philosophically I find myself in agreement with virtually the whole of it " but concluded the same letter with the recommendation: On the pressing issue of the time, whether deficit spending could lift a country from depression, Keynes replied to Hayek's criticism in the following way:

In a letter Rüstow wrote that Hayek and his master Mises deserved to be put in spirits and placed in a museum as one of the last surviving specimen of the extinct species of liberals which caused the current catastrophe ( the Great Depression ).

Actress Salma Hayek responded angrily, penning a furious letter in which she denounced Dame Edna.

* Individualism and Economic Order by Friedrich Hayek

There was a revival of interest in classical liberalism in the 20th century led by Friedrich Hayek and Milton Friedman.

This difficulty was notably written about by economists Ludwig von Mises and Friedrich Hayek, both of whom called it the " economic calculation problem ".

It was first proposed by Ludwig von Mises in 1920 and later expounded by Friedrich Hayek.

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.

Part of the reason that Hayek stressed the knowledge problem was also because he was mainly concerned with debating the proposal for Market Socialism and the Lange Model by Oskar R. Lange ( 1938 ) and Hayek's student Abba Lerner ( 1934, 1937, 1938 ), which was developed in response to the calculation argument.

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

* The Use of Knowledge in Society by Friedrich Hayek

* Information and Economics: A Critique of Hayek by Allin F. Cottrell and W. Paul Cockshott

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.

However, after 1919 titles of nobility were banned by law in Austria, and the " von Hayek " family became simply the Hayek family.

In school Hayek was much taken by one instructor's lectures on Aristotle's ethics.

Upon the completion of his examinations, Hayek was hired by Ludwig von Mises on the recommendation of Wieser as a specialist for the Austrian government working on the legal and economic details of the Treaty of Saint Germain.

It was first published in Britain by Routledge in March 1944 and was quite popular, leading Hayek to call it " that unobtainable book ," also due in part to wartime paper rationing.

Hayek was concerned " with that condition of men in which coercion of some by others is reduced as much as is possible in society ".

Following his retirement, Hayek spent a year as a visiting professor of philosophy at the University of California, Los Angeles, where he continued work on Law, Legislation and Liberty, teaching a graduate seminar by the same name and another on the philosophy of social science.

Primary drafts of the book were completed by 1970, but Hayek chose to rework his drafts and finally brought the book to publication in three volumes in 1973, 1976 and 1979.

Although he spoke with apprehension at his award speech about the danger which the authority of the prize would lend to an economist, the prize brought much greater public awareness of Hayek and has been described by his biographer as " the great rejuvenating event in his life ".

Hayek was criticised by Liberal politicians Gladwyn Jebb and Andrew Phillips, who both claimed that the purpose of the pact was to discourage socialist legislation.

Hayek was defended by Professor Antony Flew who stated that the German Social Democrats, unlike the British Labour Party, had, since the late 1950s, abandoned public ownership of the means of production, distribution and exchange and had instead embraced the social market economy.

Hayek said a year later that he was " amazed by her.

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.

" While criticizing Hayek, Tullock still praises the classical liberal notion of economic freedom, saying, " Arguments for political freedom are strong, as are the arguments for economic freedom.

An accompanying sympathetic letter explained that inside the envelope was a name for Mrs. Coolidge's first granddaughter.

For his part, Thompson had explained in a previous letter that there would be nothing but an honorable friendship between Katie and himself.

This letter and successive parts were distributed from Bangor ( see External Links below ): in an informal manner, as a kind of diary, Grothendieck explained and developed his ideas on the relationship between algebraic homotopy theory and algebraic geometry and prospects for a noncommutative theory of stacks.

In a subsequent letter to the daughter of Marina Tsvetaeva, Pasternak explained that the attack was motivated by the fact that the supernatural elements of the play, which Novy Mir considered, " irrational ," had been translated as Goethe had written them.

In a letter published in The Times newspaper on 9 April 1983, Geoffrey Crawley explained the discrepancy by suggesting that the photograph was " an unintended double exposure of fairy cutouts in the grass ", and thus " both ladies can be quite sincere in believing that they each took it ".

That is what a young worker explained in a letter to ‘ Iniciales ’ He writes it under the odd pseudonym of ‘ silvestre del campo ’, ( wild man in the country ).

Fonda later explained that she had regretted signing the petition, saying that she had signed the letter ... < p >... without reading it carefully enough, without asking myself if some of the wording wouldn't exacerbate the situation rather than bring about constructive dialogue ...

In a letter discovered in the Cairo Geniza, he later explained:

Comptroller of the Navy Sir Charles Middleton explained to Prime Minister Pitt in a letter of 5 September 1786: “ It is for Hemp only we are dependent on Russia.

Then a letter of Pope Agatho was read that explained the traditional belief of the Church that Christ was of two wills, divine and human.

In 1841, Prime Minister Lord Melbourne explained this feature of the British constitution in a letter to young Queen Victoria:

His letter explained his motivations as being rooted in an idea that the brain is a reducing valve that restricts consciousness and hoping mescaline may help access a greater degree of awareness, ( an idea he later included in the book ).

The Duchess of York originally wanted the names Ann Margaret, as she explained to Queen Mary in a letter: " I am very anxious to call her Ann Margaret, as I think Ann of York sounds pretty, & Elizabeth and Ann go so well together.

Philip Babcock Gove, an editor at Merriam-Webster who became editor-in-chief of Webster's Third New International Dictionary, wrote a letter to the journal American Speech, fifteen years after the error was caught, in which he explained why " dord " was included in that dictionary.

" In a letter Stein wrote during the 1930s, she explained that she never accepted the theory of automatic writing: " here can be automatic movements, but not automatic writing.

In a spirited response Southey wrote an open letter to the MP, in which he explained that he had always aimed at lessening human misery and bettering the condition of all the lower classes and that he had only changed in respect of “ the means by which that amelioration was to be effected ”.

For the rest of her life, Mary kept the last letter from her bon mari et ami ( her good husband and friend Louis ), which mentioned his illness and explained his absence at Rouen.

In a letter to a friend from 1960, Patchen explained, " In 1956 a spinal fusion ( 2nd of two operations ) gave me relief and mobility (& for the first time I was able to go about giving readings, and so on.

In 1839, while reflecting on his visit to the United States, Louis Philippe explained in a letter to Guizot that his three years there had a large influence on his later political beliefs and judgments when he became king.

That is what a young worker explained in a letter to ‘ Iniciales ’ He writes it under the odd pseudonym of ‘ silvestre del campo ’, ( wild man in the country ).

A letter written by her on March 31, 1776, explained that she doubted most of the Virginians had such " passion for Liberty " as they claimed they did, since they " deprive their fellow Creatures " of freedom.

" ( Joyce explained in a letter: " Dublin, Laurens Co, Georgia, founded by a Dubliner, Peter Sawyer, on r. Oconee.

In a letter to Katkov written in September 1865, Dostoyevsky explained to him that the work was to be about a young man who yields to " certain strange, ' unfinished ' ideas, yet floating in the air "; he had thus embarked on his plan to explore the moral and psychological dangers of the ideology of " radicalism ".

In a letter dated 10 October 1738 the council explained their decision to the State Government in Dresden, rejecting the validity of Groot's imperial authority to publish in the city.