But the system of prices ruling the market not only transmits information in the light of which economic agents can mutually adjust their actions, it also provides them with an incentive to exercise economy in terms of money.
More Quotes from Michael Polanyi:
My title is intended to suggest that the community of scientists is organized in a way which resembles certain features of a body politic and works according to economic principles similar to those by which the production of material goods is regulated.Michael Polanyi
We could not, for example, arrive at a principle like that of entropy without introducing some additional principle, such as randomness, to this topography.
Michael Polanyi
Theories of evolution must provide for the creative acts which brought such theories into existence.
Michael Polanyi
The first thing to make clear is that scientists, freely making their own choice of problems and pursuing them in the light of their own personal judgment, are in fact co-operating as members of a closely knit organization.
Michael Polanyi
Admittedly, the body of scientists, as a whole, does uphold the authority of science over the lay public. It controls thereby also the process by which young men are trained to become members of the scientific profession.
Michael Polanyi
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The exercises of our meeting are to be simple and devoid of all ceremonial and formalism.
Felix Adler
The question of feasibility, the question of cost, the question of including partners elsewhere in the world, the question of the effect of this project on arms agreements - all these issues are in discussion.
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Take our own company as an example: We're living proof, we jump with our own parachutes.
Jim Barksdale