19 January 2011

He Said It: Friedrich Hayek

"The great advantage of the competitive system, however, lies exactly in the fact that it offers a premium on foresight and adaptability, and on the fact that one has to pay for it if one wishes to stay in an occupation which has become less needed. Any attempt to indemnify people against the consequences of changes which they have not foreseen makes the forces of the market inoperative and makes it necessary to put central direction in their place."

--F. A. Hayek, "Freedom and the Economic System" (1939), contained in Socialism and War: Essays, Documents, and Reviews

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