The Marxist John O'Neill Attacks Friedrich A. Hayek's Conceptualization of the Market as an Information Providing Mechanism

In a relatively recent article, the Marxist John O'Neill put forward a radical critique of the market order; one that has often been given more implicit articulation by other socialists, but had not been given its fully explicit statement until O'Neill's article. I will here argue that this critique amounts to a fallacy.

Although O'Neill's critique was directed towards the increasing prominence of market socialism, he primarily argued against perhaps the best known Austrian defense of the market, that is to say, Hayek's conceptualization of the market as an information providing mechanism. Hayek's conceptualization and corresponding defence of the market in knowledge terms is well-known and influential among recent market socialist writers.

--Nicolai Juul Foss, "Information and the Market Economy: A Note on a Common Marxist Fallacy," Review of Austrian Economics 8, no. 2 (1995): 127.