In modern times, people live crowded together in cities, where workers toil for low wages while their bosses luxuriate in wealth. It’s tempting to search for some grand solution that would put an end to the unfairness of capitalism. Collectivism offers such a solution: wages would be set, employment guaranteed, and the wealthy would lose their positions to government departments that command equality for all.

This ideal appeals strongly to academic thinkers, who often influence public debate. Standing against them is Hayek, who warns that the allure of central planning is dangerously misleading. But his is an uphill battle, as the idea of a centralized economic system—one that should force an economy to be more fair—is almost irresistible.

Hayek warns that central planning will not generate the benefits it promises, but instead will create a society in many ways the opposite of what its supporters want. Marketplaces are unpredictable systems, where prices fluctuate and workers migrate toward better opportunities. They are a daunting challenge for planners, who can never grasp in their hands the millions of threads that make up the fabric of trade among people.