Friedrich Hayek attended the 1960 Symposium on Principles of Self-Organization, organised by Heinz von Foerster.
Hayek mentions cybernetics as a discipline that could help economists understand the "self-organizing or self-generating systems" called markets.
[4] Being "complex phenomena",[5] the best way to examine market functions is by using the feedback mechanism, explained by cybernetic theorists.
[6] Therefore, the market for Hayek is a "communication system", an "efficient mechanism for digesting dispersed information".
Finally, Hayek also considers Adam Smith's idea of the invisible hand as an anticipation of the operation of the feedback mechanism in cybernetics.