The Mischievous Idea That All Public Needs

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

We Must Face The Fact That The Preservation Of Individual Freedom Is Incompatible With A Full Satisfaction Of Our Views Of Distributive Justice.

The Mind Cannot Foresee Its Own Advance.

Unless We Can Make The Philosophic Foundations Of A Free Society Once More A Living Intellectual Issue, And Its Implementation A Task Which Challenges The Ingenuity And Imagination Of Our Liveliest Minds, The Prospects Of Freedom Are Indeed Dark. But If We Can Regain That Belief In Power Of Ideas Which Was The Mark Of Liberalism At Its Best, The Battle Is Not Lost.

Every Change In Conditions Will Make Necessary Some Change In The Use Of Resources, In The Direction And Kind Of Human Activities, In Habits And Practices. And Each Change In The Actions Of Those Affected In The First Instance Will Require Further Adjustments That Will Gradually Extend Through The Whole Of Society. Every Change Thus In A Sense Creates A "problemfor Society, Even Though No Single Individual Perceives It As Such; It Is Gradually "solvedby The Establishment Of A New Overall Adjustment.