Quote by Friedrich A. Hayek
It is, indeed, part of the liberal attitude to assume that, especially in the economic field, the self-regulating forces of the market will somehow bring about the required adjustments to new conditions, although no one can foretell how they will do this in a particular instance. There is perhaps no single factor contributing so much to people
Summary
's well-being and prosperity as the self-regulating forces of the market. The quote suggests that liberals believe in the ability of the market to adapt and respond to changing circumstances, even though the precise mechanisms of this adjustment may be uncertain. This belief acknowledges the dynamic nature of the economy and emphasizes the importance of free markets in promoting individual and collective welfare.
Topics
Conservatism
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