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Thought for the day

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

Most people find it difficult to admit that we do not possess moral standards which would enable us to settle these questions--if not perfectly, at least to greater general satisfaction than is done by the competitive system. Have we not all some idea of what is a "just price" or a "fair wage"? Can we not rely on the strong sense of fairness of the people? And even if we do not now agree fully on what is just or fair in a particular case, would popular ideas not soon consolidate into more definite standards if people were given an opportunity to see their ideals realized?

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