Hayek noted that one of the problems with socialism is the notion of "fatal conceit". What is meant by this phrase? Ask Studybuddy Group of answer choices Socialists believe that the government can effectively manage the economy and that private markets must be eliminated. Socialist believe that socialism has proven to be very effective in all of the countries that it has been tried in. Socialists advocate for "fatal" social issues and do not listen to ordinary citizens. Many socialists believe that a limited number of individuals are smarter than the entire economic "market" and that "newness" is better than what actually works. Socialists believe that science is on their side and that only a few "conceited", smart individuals can lead the government and society