Nov 27, 2007

Friedrich von Hayek on the invisible hand

The aim for which the successful entrepreneur wants to use his profits may well be to provide a hospital or an art gallery for his home town. But quite apart from the question of what he wants to do with his profits after he has earned them, he is led to benefit more people by aiming at the largest gain than he could if he concentrated on the satisfaction of the needs of the known persons. He is led by the invisible hand of the market to bring the succour of modern conveniences to the poorest homes he does not even know.

~ Friedrich von Hayek, Law, Legislation and Liberty, Volume 2

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