Bonus Quotation of the Day…

by Don Boudreaux on October 2, 2017

in Adam Smith, Complexity & Emergence, Hayek, Prices

… is from page 121 of Hayek’s March 9th 1976 Daily Telegraph essay, “Adam Smith (1723-1790): His Message in Today’s Language,” as this essay is reprinted in the 1991 collection, The Trend of Economic Thinking, which is Vol. 3 in The Collected Works of F.A. Hayek:

The recognition that a man’s efforts will benefit more people, and on the whole satisfy greater needs, when he lets himself be guided by the abstract signals of prices rather than by perceived needs, and that by this method we can best overcome our constitutional ignorance of most of the particular facts, and can make the fullest use of the knowledge of concrete circumstances widely dispersed among millions of individuals, is the great achievement of Adam Smith.


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