Markets[edit] Many economic classical liberals, such as Hayek, have argued that market economies are creative of a spontaneous order, "a more efficient allocation of societal resources than any design could achieve."[5] They claim this spontaneous order (referred to as the extended order in Hayek's "The Fatal Conceit") is superior to any order a human mind can design due to the specifics of the information required.[6] Centralized statistical data cannot convey this information because the statistics are created by abstracting away from the particulars of the situation.[7] In a market economy, price is the aggregation of information acquired when people are free to use their individual knowledge. Price then allows everyone dealing in a commodity or its substitutes to make decisions based on more information than he or she could personally acquire, information not statistically conveyable to a centralized authority. Interference from a central authority which affects price will have consequences they could not foresee because they do not know all of the particulars involved. This is illustrated in the concept of the invisible hand proposed by Adam Smith in The Wealth of Nations.[1] Thus in this view by acting on information with greater detail and accuracy than possible for any centralized authority, a more efficient economy is created to the benefit of a whole society. Lawrence Reed, president of the Foundation for Economic Education, describes spontaneous order as follows: Spontaneous order is what happens when you leave people alone—when entrepreneurs... see the desires of people... and then provide for them. They respond to market signals, to prices. Prices tell them what's needed and how urgently and where. And it's infinitely better and more productive than relying on a handful of elites in some distant bureaucracy.[8] - en.wikipedia.org