Quotation of the Day…

by Don Boudreaux on April 17, 2020

in Complexity & Emergence, Hayek, Prices, Seen and Unseen

… is from page 243 of George Will’s excellent 2019 book, The Conservative Sensibility (link added):

Hayek said he used the word “marvel” in order to “shock the reader out of the complacency with which we often take working of this [market] mechanism for granted.” Unfortunately for the reputation of markets, their misfortunate is that they are “not the product of human design.” So “the people guided by it usually do not know why they are made to do what they do.” That is, markets are denied the prestige that accrues to human designs, including those that accomplish less marvelous things than markets routinely accomplish in allocating scarce resources.


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