Information costs are reduced by the existence of large numbers of buyers and sellers. Under these conditions, prices embody the same information that would require large search costs by individual buyers and sellers in the absence of an organized market. (footnote 4: The original contributions were those of Hayek (1937 and 1945)).
Friedrich HayekRelated topics
absence footnote large market search under Hayek costsRelated quotes
Each individual is a cosmos of organs, each organ is a cosmos of cells, each cell is a cosmos of infinitely small ones; and in this complex world, the well-being of the whole depends entirely on the sum of well-being enjoyed by each of the least microscopic particles of organized matter. A whole revolution is thus produced in the philosophy of life.
Peter Kropotkin
"What is the meaning of life?" This question has no answer except in the history of how it came to be asked. There is no answer because words have meaning, not life or persons or the universe itself. Our search for certainty rests in our attempts at understanding the history of all individual selves and all civilizations. Beyond that, there is only awe.
Julian Jaynes
We are beginning to see the entire universe as a holographically interlinked network of energy and information, organically whole and self referential at all scales of its existence. We, and all things in the universe, are non-locally connected with each other and with all other things in ways that are unfettered by the hitherto known limitations of space and time.
Ervin László
Writing ought either to be the manufacture of stories for which there is a market demand -- a business as safe and commendable as making soap or breakfast foods -- or it should be an art, which is always a search for something for which there is no market demand, something new and untried, where the values are intrinsic and have nothing to do with standardized values.
Willa Cather
Favorable conditions for establishing a permanent camp in guerrilla warfare are inverse to the degree of productive development of a place... because everything that is favorable to human life, communications, urban and semi-urban concentrations of large numbers of people, land easily worked by machine, all these place the guerrilla fighter in a disadvantageous situation.
Che Guevara