In abbreviated form, by a kind of symbol, only the most essential information is passed on and passed on only to those concerned. It is more than a metaphor to describe the price system as a kind of machinery for registering change, or a system of telecommunications which enables individual producers to watch merely the movement of a few pointers, as an engineer might watch the hands of a few dials, in order to adjust their activities to changes of which they may never know more than is reflected in the price movement.

This is not a dispute about whether planning is to be done or not. It is a dispute as to whether planning is to be done centrally, by one authority for the who…

It would clearly not be an improvement to build all houses exactly alike in order to create a perfect market for houses, and the same is true of most other fie…

We must face the act that the preservation of individual freedom is incompatible with a full satisfaction of our views of distributive justice.

We are only beginning to understand on how subtle a communication system the functioning of an advanced industrial society is based - a communications system w…

Economic theory is devoted to the study of equilibrium positions. The concept of equilibrium is very useful. It allows us to focus on the final outcome rather …

All varieties of interference with the market phenomena not only fail to achieve the ends aimed at by their authors and supporters, but bring about a state of …