“Without a market in which allocations can be made in obedience to the law of supply and demand, it is difficult or impossible to funnel resources with respect to actual human preferences and goals.”

— Tibor R. Machan

Liberty and Research and Development: Science Funding in a Free Society, Introduction chapter: “Some Skeptical Reflections on Research and Development”, Hoover Institution Press, Stanford University (2002) p. xiii http://media.hoover.org/documents/0817929428_xi.pdf

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "Without a market in which allocations can be made in obedience to the law of supply and demand, it is difficult or impo…" by Tibor R. Machan?

Tibor R. Machan photo

Tibor R. Machan 13

Hungarian-American philosopher 1939–2016

Related quotes

“I recognized that information was, in many respects, like a public good, and it was this insight that made it clear to me that it was unlikely that the private market would provide efficient resource allocations whenever information was endogenous.”

Joseph E. Stiglitz (1943) American economist and professor, born 1943.

Autobiographical Essay (2001)

“Strategy can be defined as the determination of the long-term goals and objectives of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals”

Alfred D. Chandler, Jr. (1918–2007) American historian

Chandler (1962) Strategy and Structure. p. 13.

“We’re now in the seventh year of a slump brought on by Wall Street excess; the wizardly job of “allocating the economy’s investment resources” consisted, we now know, largely of funneling money into a real estate bubble.”

Paul Krugman (1953) American economist

"Iron Men of Wall Street" http://krugman.blogs.nytimes.com/2014/02/16/iron-men-of-wall-street/, 16 February 2014
The Conscience of a Liberal blog

“One can in particular interpret the proposition as a statement conditions under which the simplicity of incentive structure and the economies of information handling characteristic of a competitive market organization can be secured without loss of efficiency of allocation… The price system carries to each producer, resource holder, or consumer a summary of information about the production possibilities, resource availabilities and preferences of all other decision makers. Under the conditions postulated, this summary is all that is needed to keep all decision makers reconciled with a Pareto optimal state once it has been established.”

Tjalling Koopmans (1910–1985) Dutch American economist

Source: Three Essays (1957), p. 53, as cited in: Harold Kincaid, ‎Don Ross (2009) The Oxford Handbook of Philosophy of Economics. p. 128

“Rats and roaches live by competition under the laws of supply and demand; it is the privilege of human beings to live under the laws of justice and mercy.”

Wendell Berry (1934) author

"Economy and Pleasure".
What Are People For? (1990)

“Between the demand to be clear, and the temptation to be obscure, impossible to decide which deserves more respect.”

Emil M. Cioran (1911–1995) Romanian philosopher and essayist

“The management of a system has to deal with the generation of the plans for the system, i. e., consideration of all of the things we have discussed, the overall goals, the environment, the utilization of resources and the components. The management sets the component goals, allocates the resources, and controls the system performance.”

C. West Churchman (1913–2004) American philosopher and systems scientist

Source: 1960s - 1970s, The Systems Approach (1968), p. 44

“It is not possible to design a laboratory resource allocation experiment without designing an institution in all its detail.”

Vernon L. Smith (1927) American economist

Source: "Microeconomic systems as an experimental science," 1982, p. 923.

“I'm a businessman. I've made my money supplying a popular demand. If I break the law, my customers are as guilty as I am.”

Al Capone (1899–1947) American gangster

“There is little doubt that the observation that quality may depend on price (productivity on wages; default probability on interest rates) has provided a rich mine for economic theorists: A simple modification of the basic assumptions results in a profound alteration of many of the basic conclusions of the standard paradigm. The Law of Supply and Demand has been repealed. The Law of the Single Price has been repealed. The Fundamental Theorem of Welfare Economics has been shown not to be valid.
More than that, the theories that we describe here provide the basis of progress toward a unification of macroeconomics and microeconomics. They pro vide an explanation of unemployment and credit rationing, derived from basic microeconomic principles. It is a theory in which the extensive idleness that periodically confronts society's resources, human and capital, is seen as but the most obvious example of market failures that prevasively and persistently distort the allocation of resources.”

Joseph E. Stiglitz (1943) American economist and professor, born 1943.

"The Causes and Consequences of The Dependence of Quality on Price", Journal of Economic Literature, Vol. 25, No. 1 (Mar., 1987)

Related topics