We know, in other words, the general conditions in which what we call, somewhat misleadingly, an equilibrium will establish itself: but we never know what the particular prices or wages are which would exist if the market were to bring about such an equilibrium. (Friedrich Hayek)

We know, in other words, the general conditions in which what we call, somewhat misleadingly, an equilibrium will establish itself: but we never know what the particular prices or wages are which would exist if the market were to bring about such an equilibrium.

Friedrich Hayek

Related topics

call equilibrium general market particular somewhat wages words conditions

Related quotes

I feel this is very important for us to have serene buildings because our civilization is chaotic as it is, you see; our whole machine age has brought about a chaos that has to be somehow counterbalanced, I think. View quote
Minoru Yamasaki
It is part of the general pattern of misguided policy that our country is now geared to an arms economy which was bred in an artificially induced psychosis of war hysteria and nurtured upon an incessant propaganda of fear. View quote
Douglas MacArthur
Mars is essentially in the same orbit. Mars is somewhat the same distance from the Sun, which is very important. We have seen pictures where there are canals, we believe, and water. If there is water, that means there is oxygen. If there is oxygen, then w. View quote
Dan Quayle
You cannot hope to build a better world without improving the individuals. To that end each of us must work for his own improvement, and at the same time share a general responsibility for all humanity, our particular duty being to aid those to whom we think we can be most useful. View quote
Marie Curie
A major source of objection to a free economy is precisely that it ... gives people what they want instead of what a particular group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself. View quote
Milton Friedman