Here’s the core of Stephen Marglin’s “Two Cheers for Hayek” argument, justaposing the claims of market coordinated local knowledge against the claims of community. In sum, “we have enough, let’s slow down”:
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Hayek’s equilibrium theory offered a wealth of suggestions that were to be taken up in the literature of the 1940s and 1950s. The idea of intertemporal equilibrium, which was to be precisely defined in axiomatic terms by Arrow and Debreu, took shape in his writings of the 1920s and 1930s. — Bruna Ingrao & Giorgio Israel
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