Hayek's article articulates many considerations regarding who does the economic planning. With competition, there is decentralized planning done by separate persons. Hayek explains that knowledge is spread amongst several individuals; this is to the organization's benefit because each person possesses something unique (this reminds me of the Chuck Palaniuk quote "Nothing of me is original. I am the combined effort of everybody I've ever known" or rather that we are the sum of all of our experiences)
I agree with the idea that no one can possibly possess all the experiences, ideas or connections that I have accrued in my lifetime. There will come a time when I will have something to offer that no one else can give; perhaps it is a skill or a lesson from a previous mistake, but it will lead to some sort of benefit or advantage in the future.
I like Hayek's quote:
"To gain an advantage from better knowledge of facilities of communication or transport is sometimes regarded as almost dishonest, although it is quite as important that society make use of the best opportunities in this respect as using the latest scientific discoveries".
Success according to Hayek comes from the ability to adjust and reform in a strategic and effective manner. We should be open to all possibilities and insight from others. Decentralization is the solution to many economic problems because it solves the "knowledge problem" and also feedback, cooperation and even competition to bring out the best performance and product that can be provided.
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