"The problem is thus in no way solved if we can show that all the facts, if they were known to a single mind (as we hypothetically assume them to be given to the observing economist), would uniquely determine the solution; instead we must show how a solution is produced by the interactions of people each of whom possesses only partial knowledge. To assume all the knowledge to be given to a single mind in the same manner in which we assume it to be given to us as the explaining economists is to assume the problem away and to disregard everything that is important and significant in the real world."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
Imported from EN Wikiquote
https://en.wikiquote.org/wiki/Individualism_and_Economic_Order
Revision History
No revisions have been submitted for this quote.
Categories
Individualism and Economic Order
29 quotes on TrueQuotesView all quotes by Individualism and Economic Order →
Related Quotes
"We must face the fact that the preservation of individual freedom is incompatible with a full satisfaction of our vie…"
"The part of our social order which can or ought to be made a conscious product of human reason is only a small part o…"
"I am certain that there are many who regard with impatience and distrust the whole tendency, which is inherent in all…"
"The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowl…"
"This is not a dispute about whether planning is to be done or not. It is a dispute as to whether planning is to be do…"
"Hayek's adversaries — Oskar Lange and company — argued that a market system had to be inferior to a centrally-planned…"
"The shipper who earns his living from using otherwise empty or half-filled journeys of tramp-steamers, or the estate …"
"Fundamentally, in a system in which the knowledge of the relevant facts is dispersed among many people, prices can ac…"
"In abbreviated form, by a kind of symbol, only the most essential information is passed on and passed on only to thos…"
"There is all the difference in the world between treating people equally and attempting to make them equal. While the…"