Hayekianism

Hayekianism, based on economist and philosopher Friedrich Hayek's ideas, emphasizes the importance of free markets and individual knowledge in coordinating economic activity. It argues that no central authority can possess all the information needed to plan an economy effectively. Instead, prices and competition serve as signals that naturally organize resources efficiently. Hayek believed that personal freedom and decentralized decision-making lead to better economic outcomes, as individuals, acting on their localized knowledge, adapt dynamically to changing circumstances. Overall, it advocates for minimal government intervention to preserve the spontaneous order that enables prosperity.