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Fritz Machlup

Professor of Economics, Princeton University, past president of the American Economics Association


Information in the minds of millions of people is not available to any central body or any group of decision-makers who have to determine prices, employment, production, and investment but do not have the signals provided by a competitive market mechanism. Most plans for economic reform in the socialist countries seem to be coming closer to the realization that increasing decentralization of decision-making is needed to solve the problems of rational economic planning.

Dec. 1974 - from "Hayek's Contribution to Economics", published in the Swedish Journal of Economics Vol. 76