Quotation of the Day…

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… is from page 162 of the original edition of volume III (“The Political Order of a Free People,” 1979) of F.A. Hayek’s Law, Legislation, and Liberty:

Even today the overwhelming majority of people, including, I am afraid, a good many supposed economists, do not yet understand that this extensive social division of labour, based on widely dispersed information, has been made possible entirely by the use of those impersonal signals which emerge from the market process and tell people what to do in order to adapt their activities to events of which they have no direct knowledge. That in an economic order involving a far-ranging division of labour it can no longer be the pursuit of perceived common ends but only abstract rules of conduct … is an insight which most people still refuse to accept.