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Quotation of the Day…

… is from page 20 of Razeen Sally’s 1998 book, Classical Liberalism and International Economic Order (original emphasis; footnote deleted):

Hayek, following the Scots, does not consider the market to be a static and precise equilibrium device operating under given conditions; rather it is a dynamic process of endogenous change and growth in which means, wants and technology are constantly transformed and in which individual activity is exploratory and experimental. To Hayek, competition is less about equilibrium and more about a ‘discovery procedure’, an ongoing, open-ended process that coordinates and generates knowledge in a decentraised manner to adapt to uncertainty and environmental flux.

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