The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess. The economic problem of society is thus not merely a problem of how to allocate 'given' resources--if 'given' is taken to mean given to a single mind which deliberately solves the problem set by these 'data.' 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 these individuals know. Or, to put it briefly, it is a problem of the utilization of knowledge which is not given to anyone in its totality.

We shall all be the gainers if we can create a world fit for small states to live in.

There is all the difference in the world between treating people equally and attempting to make them equal. While the first is the condition of a free society,…

We shall never prevent the abuse of power if we are not prepared to limit power in a way which occasionally may prevent its use for desirable purposes.

That knowledge has become the resource, rather than a resource, is what makes our society 'post-capitalist.' -- Post-Capitalist Society p. 45 (1993)

It is largely because civilization enables us constantly to profit from knowledge which we individually do not possess and because each individual's use of his…

You give me a set of conditions and I can produce racism in any society. You give me a different set of conditions and I can reduce racism. You give me a situa…