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Quotation of the Day…

Posted By Don Boudreaux On May 17, 2013 @ 7:26 am In Complexity & Emergence,Curious Task,Hayek,Prices,Science | Comments Disabled

… is from pages 49-50 of the 1979 Liberty Fund edition of Hayek’s deep and profound and important 1952 book, The Counter-Revolution of Science [1]:

But the concrete knowledge which guides the action of any group of people never exists as a consistent and coherent body.  It only exists in the dispersed, incomplete, and inconsistent form in which it appears in many individual minds, and the dispersion and imperfection of all knowledge are two of the basic facts from which the social sciences have to start.

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[1] The Counter-Revolution of Science: http://www.amazon.com/Counter-Revolution-Science-F-HAYEK/dp/0913966673/ref=sr_1_1?s=books&ie=UTF8&qid=1368789949&sr=1-1&keywords=hayek+counter+revolution+of+science

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