Editing Economic model (section)

=== Critique of hubris in planning ===

A key strand of [[free market]] economic thinking is that the market's [[invisible hand]] guides an economy to prosperity more efficiently than [[command economy|central planning]] using an economic model. One reason, emphasized by [[Friedrich Hayek]], is the claim that many of the true forces shaping the economy can never be captured in a single plan. This is an argument that cannot be made through a conventional (mathematical) economic model because it says that there are critical systemic-elements that will always be omitted from any top-down analysis of the economy.<ref>{{Citation
| last = Hayek
| first = Friedrich
| author-link = Friedrich Hayek
| title = The Use of Knowledge in Society
| journal = American Economic Review
| volume = 35
| issue = 4
| pages = 519–30
| date = September 1945
| postscript = .
| jstor =1809376}}
</ref>