In F. A. Hayek's seminal article, he illuminates the real role of markets—the coordination of knowledge and information without anyone being in charge. Hayek argued that markets process more information than could possibly be mastered by a mastermind or even a mastermind working with a computer. It's one of the most eloquent expositions of how decentralized, unorganized individuals individual decision-making can outperform a central planner.
Hayek's insights formed the basis of Leonard Read's whimsical look at uncontrolled order and the role of markets in coordinating knowledge, "I, Pencil." Reading both side by side is a fascinating look at economic rhetoric.
In 1949, Ludwig von Mises (1881-1973) published Human Action: A Treatise on Economics, a classic work on how market and non-market participants acquire information, form expectations, and interact with others. We are pleased to present the 4th revised edition of this great work.
The cuneiform inscription in the Liberty Fund logo is the earliest-known written appearance of the word "freedom" (amagi), or "liberty." It is taken from a clay document written about 2300 B.C. in the Sumerian city-state of Lagash.