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Quotation of the Day…

… is from pages 11-12 of Hayek’s 1948 collection, Individualism and Economic Order; in particular, it’s from one of Hayek’s most profound and important essays, namely, his December 1945 Finlay Lecture in Dublin, “Individualism: True and False”:

[Adam] Smith’s chief concern was not so much with what man might occasionally achieve when he was at his best but that he should have as little opportunity as possible to do harm when he was at his worst.  It would scarcely be too much to claim that the main merit of individualism which he and his contemporaries advocated is that it is a system under which bad men can do least harm.  It is a social system which does not depend for its functioning on our finding good men for running it, or on all men becoming better than they now are, but which makes use of men in all their given variety and complexity, sometimes good and sometimes bad, sometimes intelligent and more often stupid.

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