Society is faced with the problem of knowing all the relevant knowledge to make an informed decision. Presidents struggle to get all the information they need to make a decision during a crisis. The question of how to transmit knowledge to those who need it has been a central struggle in economics and how those who are able to make decisions based on that knowledge. FA Hayek, in his essays The Use of Knowledge in Society and the Meaning of Competition, explains his theories. In the essay The Use of Knowledge in Society, Hayek explains that one of the main problems in economics is that society does not use the information provided. which would lead to poor allocation of resources. Hayek determines that this problem comes from a common misconception about the economic problem of society. Hayek then moves on to the concept of economic planning. In this discussion of planning, Hayek poses the question of whether economic planning should be carried out by a single economic entity or by multiple businesses and individuals. The concept that knowledge is passed down to these individuals and that if society wants central economic planning it must pay for inefficiencies, a decentralized economy means that functions are distributed among many people. He says that halfway between a centralized economy and a decentralized economy, there is a monopoly and in this structure, organized industries would control the economy. It then introduces the concept of efficiency and explains how society wants to get the most out of its resources and how it obtains the knowledge necessary to achieve this efficiency. Hayek then goes on to say that society has ignored economic knowledge in favor of scientific knowledge. He goes on to say that anyone looking for this economic knowledge... middle of paper ... hacking to find the best knowledge so that society can make the most of society's resources. Knowledge and competition go hand in hand. hand. The knowledge we have in society may be concentrated in a group of people who make the decision, but generally these decisions are not in the best interest of consumers. We can decentralize the knowledge that each person has some kind of economic knowledge and that the man on the ground moves according to price signals to move these resources to different sectors of employment. Scientific knowledge has come to replace dynamic knowledge because dynamic knowledge is considered bad for society. Competition is not what we think, but rather a process of acquiring more knowledge that allows us, as producers and consumers, to make the most of our scarce resources. When we bring these two elements together, we get a unique process that drives economic growth..