We Must Face The Fact That The

To Act On The Belief That We Possess The Knowledge And The Power Which Enable Us To Shape The Processes Of Society Entirely To Our Liking, Knowledge Which In Fact We Do Not Possess, Is Likely To Make Us Do Much Harm.

A General Flat Minimum-wage Law For All Industry Is Permissible, But I Do Not Think That It Is A Particularly Wise Method Of Achieving The End. I Know Much Better Methods Of Providing A Minimum For Everybody. But Once You Turn From Laying Down A General Minimum For All Industry To Decreeing Particular And Different Minimum For Different Industries, Then, Of Course, You Make The Price Mechanism Inoperative, Because It Is No Longer The Price Mechanism Which Will Guide People Between Industries And Trades.

Nothing Is More Securely Lodged Than The Ignorance Of The Experts.

Many Of The Greatest Things Man Has Achieved Are Not The Result Of Consciously Directed Thought, And Still Less The Product Of A Deliberately Coordinated Effort Of Many Individuals, But Of A Process In Which The Individual Plays A Part Which He Can Never Fully Understand.

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.