Quotation of the Day…

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… is from page 67 of my late, great professor Leland Yeager’s 1981 paper “Costs, Sources, and Control of Inflation” as this paper is reprinted in Leland B. Yeager, The Fluttering Veil (edited by George Selgin, 1997):

The dispersion of knowledge and the fact that it can be effectively used only through decentralized decisions and in a market-coordinated way is one of the hard facts of reality. It forms part of the reason why monetary disturbances can be so pervasively disruptive: They overtax the knowledge-mobilizing and signaling processes of the market.