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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.

(The) two kinds of security are, first, security against severe physical privation, the certainty of a given minimum of sustenance for all; and, second, the security of a given standard of life, or of the relative position which one person or group enjoys compared with others; or, as we may put it briefly, the security of minimum income and the security of the particular income a person is thought to deserve. . . . this distinction largely coincides with the distinction between the security which can be provided for all outside of and supplementary to the market system and the security which can be provided only for some and only by controlling or abolishing the market.

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