Friedrich August von Hayek Quotes:
Ocupation: Economist
Life: May 8, 1899 - March 23, 1992
Birthday: May 8
Death: March 23
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.
source: "The Use of Knowledge in Society" by Friedrich Hayek, American Economic Review, September 1945.
topic: Hands, Order, Watches, Pointers, Telecommunications
