Different roles that price system plays in creating order

Reference no: EM131824317

Question: In The Fatal Conceit, economist Friedrich A. Hayek, arguing against central planning, wrote: "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design." In other words, people generally assume that they can plan out the best procedure for producing a good (such as the Valentine's Day rose mentioned at the beginning of the chapter), but as we learned, that's not true. What are some of the different roles that the price system plays in creating this order?

Reference no: EM131824317

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