Hayek argued a single price packs more knowledge than any planner could collect

Hayek pointed out that no central authority can gather the scattered, local knowledge millions of buyers and sellers each hold. A single price for tin, rising or falling, sums up that knowledge and tells everyone how to adjust, without anyone knowing why it moved. He called this the market's real triumph as an information system.

— Friedrich Hayek, The Use of Knowledge in Society — American Economic Review, 1945