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Bonus Quotation of the Day…

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… is from page 178 of Israel Kirzner’s insightful 1967 lecture “Methodological Individualism, Market Equilibrium, and Market Process [2]” as this lecture is reprinted in Austrian Subjectivism and the Emergence of Entrepreneurship Theory [3], (Peter J. Boettke and Frédéric Sautet, eds., 2015), which is a volume in The Collected Works of Israel M. Kirzner [4] (original emphases; footnote deleted; link added):

Too often it is implied that the economic problem facing society is that of allocating resources on the assumption that all relevant information concerning preferences, technological possibilities, and resource availabilities is already possessed. If this were the case, the problem would indeed be “merely” a matter of computation, and its solution could be consistent, in principle, both with a market in equilibrium, and with an economy under central planning. The real problem to be solved, however, and the one that is solved by the market process, and which has not been shown to be solvable under central planning, is “how to secure the best use of resources known to any of the members of society, for ends whose relative importance only these individuals know [5].”