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Quotation of the Day…

… is from page 257 of F.A. Hayek’s insightful 1957 paper “What is ‘Social’? What Does It Mean?” as this paper appears as chapter nineteen of Essays on Liberalism and the Economy (2022), which is volume 18 (expertly edited by Paul Lewis), of The Collected Works of F.A. Hayek (footnote deleted; link added):

How few there are today who understand Ortega y Gasset’s dictum that “order is not a pressure imposed upon society from without, but an equilibrium which is set up from within.”

DBx: Yes.

Put differently, the market is not disorderly chaos – not a “drunk donkey” as described by Oren Cass.


Pictured above is José Ortega y Gasset.

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