22 Shortly before he received the prize, Stiglitz (2000, p. 1468) noted that the 1945 Hayek paper recognized that “the central problem of economics was a problem of knowledge or information”—and so it anticipated 19  -8Qualifications and Extensions I do not want to leave the impression, however, that all of the conclusions in Hayek’s 1945 paper have become unchallenged principles chiseled into the economic consensus.
On the contrary, one of the reasons why the paper has been so influential is that it remains a benchmark reference for understanding the case for relying primarily on a market system, based on freely determined prices, for determining the production and allocation of resources.