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Quotation of the Day…

… is from pages 107-108 of Vol. II (“The Mirage of Social Justice” [1976]) of F.A. Hayek’s great work, Law, Legislation, and Liberty (footnote deleted):

An economy, in the strict sense of the word in which a household, a farm, or an enterprise can be called economies, consists of a complex of activities by which a given set of means is allocated in accordance with a unitary plan among the competing ends according to to their relative importance.  The market order serves no such single order of ends. What is commonly called a social or national economy is in this sense not a single economy but a network of many interlaced economies.

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