Editing Price system (section)

===Hayek===
{{details|Price signal}}
[[Austrian School]] economist [[Friedrich Hayek]] argued that a free price system allowed economic coordination via the [[price signal]]s that changing prices send, which is regarded as one of his most significant and influential contributions to economics.<ref>{{ Citation | last = Skarbek | first = David | title = F. A. Hayek's Influence on Nobel Prize Winners | journal = [[Review of Austrian Economics]] | volume = 22 | number = 1 | date = March 2009 | pages = 109–112 | doi = 10.1007/s11138-008-0069-x | s2cid = 144970753 | url = http://www.davidskarbek.com/papers/HayekNobel.pdf }}{{dead link|date=December 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

In "[[The Use of Knowledge in Society]]" (1945), Hayek wrote, "The price system is just one of those formations which man has learned to use (though he is still very far from having learned to make the best use of it) after he had stumbled upon it without understanding it. Through it not only a [[division of labor]] but also a coordinated utilization of resources based on an equally divided knowledge has become possible. The people who like to deride any suggestion that this may be so usually distort the argument by insinuating that it asserts that by some miracle just that sort of system has spontaneously grown up which is best suited to modern civilization. It is the other way round: man has been able to develop that division of labor on which our civilization is based because he happened to stumble upon a method which made it possible. Had he not done so, he might still have developed some other, altogether different, type of civilization, something like the "state" of the termite ants, or some other altogether unimaginable type."<ref name="Hayek45">{{cite journal |url=https://www.kysq.org/docs/Hayek_45.pdf |author=[[Friedrich Hayek]] |title=The Use of Knowledge in Society |date=September 1945 |journal=The American Economic Review |volume=35 |number=4 |page=528}}</ref>