coordination problem has had a major influence on
contemporary economic thought.
Hayek was also prominent in advocating the virtues of free
markets as contributing to human freedom in the broad sense
as well as to economic efficiency in the narrow sense. His The
Road to Serfdom (1944) sounded an alarm about the political
and economic implications of the then-growing belief in the
virtues of central planning. His Constitution of Liberty (1960) is a
much deeper philosophical analysis of the forces, economic
and otherwise, that contribute to the liberty of the individual.
Milton Friedman (1912–2006)