Quotation of the Day…

by Don Boudreaux on August 27, 2014

in Competition, Complexity & Emergence, Growth, Innovation

… is from page 86 of Frank Knight‘s 1951 primer, The Economic Organization​ (which was initially privately published in 1933):

[T]he competition of producers for productive power tends to guide or force productive power [that is, inputs, including labor] into the most important use, and to force the employment of the most efficient available productive technique – and incidentally, to encourage the development of constantly more effective techniques as well.

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