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… is from pages 36-37 of F.A. Hayek’s 1973 essay “Liberalism,” as this essay appears as chapter one of Essays on Liberalism and the Economy [2] (2022), which is volume 18 (expertly edited by Paul Lewis), of The Collected Works of F.A. Hayek [3]:
As in the intellectual so in the material sphere, competition is the most effective discovery procedure which will lead to the finding of better ways for the pursuit of human aims. Only when a great many different ways of doing things can be tried will there exist such a variety of individual experience, knowledge and skills, that a continuous selection of the most successful will lead to steady improvement.