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Economist Friedrich Hayek argued that
can serve as signals in an economy.
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Friedrich Hayek argued that prices (and price changes) serve as signals in an economy.
They convey information about relative scarcities and consumer preferences to dispersed individuals, coordinating production and consumption without requiring centralized knowledge.
They convey information about relative scarcities and consumer preferences to dispersed individuals, coordinating production and consumption without requiring centralized knowledge.
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