summarize Hayek’s argument in the paper. This is the famous “knowledge problem” paper, from 1945. But it is also part of the “calculation debate” from the 1930’s, where Hayek argued that central planning was not feasible. The question was whether central planners could actually accumulate all the useful knowledge/information/data they needed to make reasonable guesses at setting prices. Hayek’s opponents in the debate — Lange and Lerner — argued for a sort of trial-and-error method, where if surpluses accumulated, they would simply shift the price to eliminate them. Hayek and the other Austrians argued that this was insufficient, that, in effect, individuals in the market always had vast amounts of relevant, detailed knowledge that they could never formulate sufficiently to pass on to planners, but which was crucial for making actual market decisions.