Quotation of the Day…

by Don Boudreaux on February 22, 2015

in Complexity & Emergence, Economics, Seen and Unseen

… is from Kenneth Arrow‘s 1968 International Encyclopedia of the Social Sciences essay, “Economic Equilibrium“:

Whatever the source of the concept, the notion that through the workings of an entire system effects may be very different from, and even opposed to, intentions is surely the most important intellectual contribution that economic thought has made to the general understanding of social processes.


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