Quotation of the Day…

by Don Boudreaux on July 23, 2021

in Complexity & Emergence, Hayek, Prices, The Profit Motive

… is from page 106 of the profound 1976 Vol. II (“The Mirage of Social Justice”) of F.A. Hayek’s trilogy, Law, Legislation, and Liberty:

If we wish everybody to be well off, we shall get closer to our goal, not by commanding by law that this should be achieved, or giving everybody a legal claim to what we think he ought to have, but by providing inducements for all to do as much as they can that will benefit others.

DBx: Indeed so. And maximum possible such inducements for each person to be as great as possible a help to as large as possible a number of strangers is provided by undistorted market prices, along with the corresponding profits and losses.

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