The author (rightly in my view) doesn't group Hayek under Austrian. What you're talking about sounds like transaction costs and information asymmetry, which ar

The author (rightly in my view) doesn't group Hayek under Austrian. What you're talking about sounds like transaction costs and information asymmetry, which are interesting. Hayek's work is interesting to me, even as someone who would self describe as a socialist. His decentralized market solution to the economic calculation problem, the information from prices (price signals) tell producers and consumers to increase/decrease supply and demand. But markets aren't perfectly competitive, there are monopolies. Markets are embedded in societies, they don't exist outside of them. Markets don't guarantee an optimal equilibrium. 50% of R&D spending is by the government. He also did early work on neural networks, published The Sensory Order in 1952, 3 years after Hebb's The Organization of Behavior