Nothing Is More Securely Lodged

The Nobel Prize Confers On An Individual An Authority Which In Economics No Man Ought To Possess.

... That Order Generated Without Design Can Far Outstrip Plans Men Consciously Contrive

Each Member Of Society Can Have Only A Small Fraction Of The Knowledge Possessed By All, And...each Is Therefore Ignorant Of Most Of The Facts On Which The Working Of Society Rests...civilization Rests On The Fact That We All Benefit From Knowledge Which We Do Not Possess. And One Of The Ways In Which Civilization Helps Us To Overcome That Limitation On The Extent Of Individual Knowledge Is By Conquering Intelligence, Not By The Acquisition Of More Knowledge, But By The Utilization Of Knowledge Which Is And Which Remains Widely Dispersed Among Individuals.

The Economic Freedom Which Is The Prerequisite Of Any Other Freedom Cannot Be The Freedom From Economic Care Which The Socialist Promise Us, And Which Can Be Obtained Only By Relieving The Individual At The Same Time Of The Necessity And Of The Power Of Choice: It Must Be The Freedom Of Economic Activity Which, With The Right Of Choice, Inevitably Also Carries The Risk And The Responsibility Of That Right

We Know: Of Course, With Regard To The Market And Similar Social Structures, A Great Many Facts Which We Cannot Measure And On Which Indeed We Have Only Some Very Imprecise And General Information.