Quotation of the Day…

by Don Boudreaux on July 20, 2014

in Complexity & Emergence, Economics, Hubris and humility

… is from page 60 of Israel Kirzner’s 2001 book, Ludwig von Mises (original emphasis):

Unlike the newer economics of the thirties, Mises’ economics never assessed market outcomes from the perspective of imagined omniscience, but instead always took into account the manner in which market processes both stimulate and are shaped by discoveries made by imperfectly informed market participants….  [I]t is no accident that, in an era in which mainstream economics was led to call for massive arrays of government interventions in markets (in order to  correct imagined shortcomings), Mises’ economics led him to appreciate even more deeply the virtues of spontaneously inspired market processes.

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