For Friedrich A. Hayek, the Central Problem of Economics Is the Coordination Problem Arising from the Division of Knowledge and Labor

Yet, Hayek raised another fundamental challenge to equilibrium analysis that remains unresolved by mainstream formalism, and arguably less explored than problems relating to dynamic processes by alternative schools—that is, the epistemic nature of equilibrium, and the implications for understanding the coordination problem. As Hayek explained, equilibrium is a coherent concept, and capable of having meaningful content, only insofar as it is defined in terms of the subjective knowledge of individual actors. Further, the central problem of economics, and indeed of the social sciences, is the coordination problem arising from the nature of the division of knowledge and labor in society. Therefore, a fundamental analytical problem for economic theory is to explain the mechanisms and processes whereby the subjective data to the individual actors converges, such that they hold mutually compatible beliefs and expectations about the plans and actions of others and the objective facts of the world, and are able to successfully dovetail their plans and actions.

--Peter J. Boettke, F. A. Hayek: Economics, Political Economy and Social Philosophy, Great Thinkers in Economics (London, UK: Palgrave Macmillan, 2018), 109.