prices

‘The marvel is that in a case like that of a scarcity of one raw material, without an order being issued, without more than perhaps a handful of people knowing the cause, tens of thousands of people whose identity could not be ascertained by months of investigation, are made to use the material or its products more sparingly; i.e., they move in the right direction. This is enough of a marvel even if, in a constantly changing world, not all will hit if off so perfectly that their profit rates will always be maintained at the same constant or “normal” level.'
hayek | use of knowledge in society | economics | emergence | knowledge |