Aug

6

Hayek's grand summary of his main insight of his life's work: "The whole economic order [rests] on the fact that by using prices as a guide, or as signals, we were led to serve the demands and enlist the powers and capacities of people of whom we knew nothing."

"Basically the insight that prices were signals bringing about the coordination of efforts became the leading idea behind my work."

"Evolution of human activities, profitability works as a signal that guides selection toward what makes man more fruitful " - "Prices and profits are the invisible hands."

i would add to that that Hayek found that centralized control of choice led to total control of what consumers choose - gas stoves, incandescent lights, electronic vehicles only the beginning.

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1 Comment so far

  1. zack on August 8, 2023 10:11 am

    Hi Vic,

    I just found this old documentary/interview done on you from some Japanese journalists.

    https://youtu.be/gTCxWOe2www

    Thought you would enjoy seeing it.
    Thanks and take care!
    -Zack

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