"Hayek had his greatest impact in the area of the division of knowledge. He first put forward his concept of the division of knowledge in his November 10, 1936, presidential address to the London Economic Club, “Economics and Knowledge.” Here he drew attention to the fact that knowledge is divided among the minds of all humanity. Economic systems that build on divided knowledge prosper. Those that attempt to centralize decision-making, on the assumption of centralized knowledge, falter. Decentralized knowledge implies decentralized decision-making."