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Quotation of the Day…

… is from page 305 of F.A. Hayek’s profoundly important 1968 lecture “Competition As a Discovery Procedure,” as reprinted in The Market and Other Orders (Bruce Caldwell, ed., 2014) – a collection of some of Hayek’s most influential essays (original emphasis):

[C]ompetition is valuable only because, and so far as, its results are unpredictable and on the whole different from those which anyone has, or could have, deliberately aimed at.