Quotation of the Day…

by Don Boudreaux on March 23, 2022

in Complexity & Emergence, Hayek, Prices

… is from page 99 of F.A. Hayek’s last book, his 1988 The Fatal Conceit:

The creation of wealth is not simply a physical process and cannot be explained by a chain of cause and effect. It is determined not by objective physical facts known to any one mind but by the separate, differing, information of millions, which is precipitated in prices that serve to guide future decisions.

DBx: Hayek (1899-1992) died on this date 30 years ago.

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