Quote by Friedrich August von Hayek

It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only those individuals know.

It is rather a problem of how to secure the best use of reso

Summary

This quote emphasizes the challenge of determining the most efficient allocation of resources in society. It suggests that individuals possess unique knowledge about their own needs and priorities. Solving this problem involves finding ways to allow individuals to direct resources towards their own ends, without central authority or knowledge. It highlights the significance of individual autonomy and the importance of a system that allows for a multiplicity of perspectives to guide resource allocation.

Topics

Society

By Friedrich August von Hayek

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