Synthesized answer
The provided passages do not contain an explanation of the key concepts in "Studies in Philosophy, Politics, and Economics" in my own words. They only offer the title, author, categories, and page count of the book [1]. Therefore, I cannot explain the key concepts as requested.
Synthesized from the book passages below. Chat with the book on Feynman for follow-up.
From the book
Title: Studies in Philosophy, Politics and Economics by Friedrich August Hayek Categories: Business & Economics Pages: 376