Thought for the day

From The Road To Serfdom, by F. A. Hayek, 1944, Fiftieth Anniversary Edition, 1994, The University of Chicago Press.

The fact that the opportunities open to the poor in a competitive society are much more restricted than those open to the rich does not make it less true that in such a society the poor are much more free than a person commanding much greater material comfort in a different type of society. Although under competition the probability that a man who starts poor will reach great wealth is much smaller than is true of the man who has inherited property, it is not only possible for the former, but the competitive system is the only one where it depends solely on him and not on the favors of the mighty, and where nobody can prevent a man from attempting to achieve this result.

Excerpted under Fair Use for purposes of non-commercial education, discussion and comment. Any transcription or typographical errors are mine.