No Human Mind Can Comprehend All The

The Younger Generation Of Today Has Grown Up In A World In Which In School And Press The Spirit Of Commercial Enterprise Has Been Represented As Disreputable And The Making Of Profit As Immoral, Where To Employ A Hundred People Is Represented As Exploitation But To Command The Same Number As Honorable.

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 Those Individuals Know.

The Curious Task Of Economics Is To Demonstrate To Men How Little They Really Know About What They Imagine They Can Design.

Socialist Thought Owes Its Appeal To The Young Largely To Its Visionary Character; The Very Courage To Indulge In Utopian Thought Is In This Respect A Source Of Strength For Socialism Which Traditional Liberalism Sadly Lacks. Speculation About General Principles Provides An Opportunity For The Play Of The Imagination Of Those Who Are Unencumbered By Much Knowledge Of The Facts Of Present-day Life. Their Ideas Suffer From Inherent Contradictions, And Any Attempt To Put Them Into Practice Must Produce Something Utterly Different From What They Expect.

There Is, In A Competitive Society, Nobody Who Can Exercise Even A Fraction Of The Power Which A Socialist Planning Board Would Possess.