| Sumario: | The writer analyzes certain elements of F. A. Hayek's writings on socialism and the use of knowledge and relates this work to a new research program that is yielding interesting implications for the debate over planning versus markets, particularly for the Hayekian critique of collectivist central planning. This new research essentially asserts that the collective wisdom of a large number of persons, or vox populi, is frequently superior to the judgments of the few, even an extremely knowledgeable few. The scholarship presents new theoretical support in highly formal analysis for Hayek's argument that the judgments of experts within the planning system is inferior to the collective wisdom of the market .
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