Hayek's "The Use of Knowledge in Society" is, in my opinion, one of the most important articles written in economics. Its description of the way in which prices allocate resources and convey information gives students a basic understanding of how markets work. But it's difficult to understand, even for college students. So I rewrote it. It's still challenging (about a senior level to college freshmen level) but much, much easier to understand. This paraphrase follows the original article paragraph for paragraph. I did this in conjunction with my Nasdaq Economics Teaching award.