Quotation of the Day…

by Don Boudreaux on December 24, 2022

in Adam Smith, Complexity & Emergence, Hayek, Philosophy of Freedom

… is from page 11 of F.A. Hayek’s 1973 essay “Liberalism” as this essay appears as chapter one 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:

Adam Smith’s decisive contribution was the account of a self-regulating order which formed itself spontaneously if the individuals were restrained by appropriate rules of law. His Inquiry Into the Nature and Causes of the Wealth of Nations marks perhaps more than any other single work the beginning of the development of modern liberalism. It made people understand that those restrictions on the powers of government which had originated from sheer distrust of all arbitrary power had become the chief cause of Britain’s economic prosperity.

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