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Quotation of the Day…

Posted By Don Boudreaux On October 8, 2013 @ 8:11 am In Competition,Complexity & Emergence,Growth,Hayek | Comments Disabled

… is from page 189 of Hayek’s important 1968 essay “Competition as a Discovery Procedure [1],” reprinted as chapter 12 in Hayek’s 1978 collection, New Studies in Philosophy, Politics, Economics and the History of [2] Ideas [2]:

Strange though this may seem at first sight, a high rate of growth is more often than not evidence that opportunities have been neglected in the past.  Thus, a high rate of growth can sometimes testify to bad policies of the past rather than good policies of the present.

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[1] Competition as a Discovery Procedure: http://mises.org/journals/qjae/pdf/qjae5_3_3.pdf

[2] New Studies in Philosophy, Politics, Economics and the History of: http://www.amazon.com/Studies-Philosophy-Politics-Economics-History/dp/0226320707/ref=sr_1_1?s=books&ie=UTF8&qid=1319547991&sr=1-1

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