Friedrich Hayek Quote

There mere idea that the planning authority could ever possess a complete inventory of the amounts and qualities of all the different materials and instruments of production of which the manager of a particular plant will know or be able to find out makes the whole proposal a somewhat comic fiction. Once this is recognised it becomes obvious that what prices ought to be can never be determined without relying on competitive markets.


Two Pages of Fiction (1982)

Picture Quote 1

There mere idea that the planning authority could ever possess a complete inventory of the amounts and qualities of all the different materials and...

Picture Quote 2

There mere idea that the planning authority could ever possess a complete inventory of the amounts and qualities of all the different materials and...

Picture Quote 3

There mere idea that the planning authority could ever possess a complete inventory of the amounts and qualities of all the different materials and...

Picture Quote 4

There mere idea that the planning authority could ever possess a complete inventory of the amounts and qualities of all the different materials and...