Attached is the SHORT version of the classic Hayek article … read through the paper and jot down some notes for yourself about Hayek’s contribution to economics and management thinking. In particular, try to extend Hayek’s comments on the relative effectiveness of market compared to centrally planned economies to apply to the effectiveness of management policies (styles) within an organization. What is this paper “about”? Disclaimer: this is a “classic” article … written before the age of word processing. I’d like you to write a 500 word (+/- 100 words) essay (around a page single spaced) that summarizes Hayek’s major contribution to the field of economics. In particular I’d like you to note what, in Hayek’s opinion, was THE central economic problem facing all societies … that is, what is the ONE thing that societies need to get right if they want to successfully allocate and use resources? You should also explain his use of the term “man on the spot” … who is the “man on the spot”? Also briefly summarize his story about the tin market … what point was Hayek trying to make?
