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Friedrich Hayek

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It may not be amiss to seen in my calculations of comparative productivity [between entrepreneurial economics and communist economies] verification of a prescient forecast [made by Hayek in 1935 in his essay "The Present State of the Debate".].
--
Abram Bergson, "Communist Economic Efficiency Revisited", AEA Papers and Proceedings, Vol. 82, No. 2, (May 1992), p. 30

 
Friedrich Hayek

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Mr. Herschel … brought with him the calculations of the computers, and we commenced the tedious process of verification. After a time many discrepancies occurred, and at one point these discordances were so numerous that I exclaimed, "I wish to God these calculations had been executed by steam," to which Herschel replied, "It is quite possible."

 
Charles Babbage
 

Since I shall be indicating my disagreement with some of the points made by Professor IsraelKirzner, let me stress that I am in complete sympathy with his point of departure, namely, the emphasis on the dispersion of information among economic decision-making units (called by him, "Hayek's knowledge problem") and the consequent problem of transmission of information among those units.
Much of my own research work since the 1950s has been focused on issued in welfare economics viewed from an informational perspective. The ideas of Hayek (whose classes at the London School of Economics I attended during the academic year 1938-39) have played a major role in influencing my thinking and have been so acknowledged.

 
Friedrich Hayek
 

Alchian: Two things you [Hayek] wrote that had a personal influence on me, after your Prices and Production, were 'Individualism and Economic Order' [sic — Alchian certainly has in mind Hayek's 'Economics and Knowledge'] and 'The Use of Knowledge in Society.' These I would regard as your two best articles, best in terms of their influence on me.
Hayek: 'Economics and Knowledge' — the '37 one — which is reprinted in the volume, is the one which marks the new look at things in my way.
Alchian: It was new to you, too, then? Was it a change in your own thinking?
Hayek: Yes, it was really the beginning of my looking at things in a new light. … I was aware that I was putting down things which were fairly well known in a new form, and perhaps it was the most exciting moment in my career when I saw it [i.e. 'Economics and Knowledge'] in print.
Alchian: Well, I'm delighted to hear you say that, because I had that copy typed up to mimeograph for my students in the first course I gave here [i.e. UCLA]. And Allan Wallace … came through town one day, and I said, 'Allan, I've got a great article!" He looked at it, started to laugh, and said, "I've seen it too; it's just phenomenal!' I'm just delighted to hear you say that it was exciting, because it was to me, too … that was a very influential article, I must say.

 
Friedrich Hayek
 

If one writing contributed more than any other to the framework in which this work [Sowell's "Knowledge and Decisions"] developed, it would be an essay entitled 'The Use of Knowledge in Society,' published in the American Economic Review of September 1945, and written by F. A. Hayek … In this plain and apparently simple essay was a deeply penetrating insight into the way societies function and malfunction, and clues as to why they are so often and so profoundly misunderstood.

 
Friedrich Hayek
 

Marx claimed in Volume 1 [of Capital] that there was some interesting economics involved in a labor theory of value, and some believe his greatest fame in pure economics lies in his at­tempted analysis of "surplus value." Although he promised to clear up the contradiction between "price" and "value" in later volumes, neither he nor Engels ever made good this claim.

 
Karl Marx
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