Not Everything is a Market

“Because social orders depend only on agreement about rules not ends, they are also capable of supporting a much larger and more complex set of participants and preferences than are organizations. We can therefore never get to know personally, as Adam Smith put it, more than a small portion of the people on whom we depend in a commercial society. This anonymity means we cannot learn directly what will benefit others. Thus we rely on self-interest coordinated by the rules of the order to generate socially beneficial results. Hayek said that if we could know directly what others wanted and the system were simple enough, altruism would work just as well as, if not better than, self-interest.”Steven Horwitz

Every time I think I am grasping the full thought, I am introduced to another nuance that I must consider.


About Christopher Hessenflow

Christopher Hessenflow is a financial planner in the Chicago area. He works with all sorts of people who are much more interesting than he is. He enjoys his career which lends him time to think and, sometimes, be creative. Chip was born bald.
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