“Yes. I read that paper carefully a few years ago and think it is incoherent because he stresses the idea people can only know their local thing. He doesn’t ever answer why the system’s price conveys the correct global information. In the Walras/Pareto story you do wind up with the correct information—subject to the appropriate assumptions—but Hayek doesn’t like that story. There are cases in game theory where local connections can actually cause a faster diffusion of ideas, and a faster convergence to Nash equilibrium than reactions to the population as a whole, but that’s not in Hayek.”