We know, in other words, the general conditions in which what we call, somewhat misleadingly, an equilibrium will establish itself: but we never know what the particular prices or wages are which would exist if the market were to bring about such an equilibrium.
More Quotes from Friedrich August von Hayek:
There is, in a competitive society, nobody who can exercise even a fraction of the power which a socialist planning board would possess.Friedrich August von Hayek
It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only those individuals know.
Friedrich August von Hayek
Even the striving for equality by means of a directed economy can result only in an officially enforced inequality - an authoritarian determination of the status of each individual in the new hierarchical order.
Friedrich August von Hayek
We shall not grow wiser before we learn that much that we have done was very foolish.
Friedrich August von Hayek
It can hardly be denied that such a demand quite arbitrarily limits the facts which are to be admitted as possible causes of the events which occur in the real world.
Friedrich August von Hayek
Perhaps the fact that we have seen millions voting themselves into complete dependence on a tyrant has made our generation understand that to choose one's government is not necessarily to secure freedom.
Friedrich August von Hayek
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Based on Topics: Equilibrium & Disequilibrium QuotesBased on Keywords: misleadingly
Indian religion has always felt that since the minds, the temperaments and the intellectual affinities of men are unlimited in their variety, a perfect liberty of thought and of worship must be allowed to the individual in his approach to the Infinite.
Sri Aurobindo
Time needs another minute.
Sly Stone
The sky is the daily bread of the eyes.
Ralph Waldo Emerson