Quote by: Michael Polanyi

But the system of prices ruling the market not only transmits information in the light of which economic agents can mutually adjust their actions, it also provides them with an incentive to exercise economy in terms of money.


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Author Bio


  • NameMichael Polanyi
  • DescriptionHungarian-British polymath
  • BornMarch 11, 1891
  • DiedFebruary 22, 1976
  • CountryHungary
  • ProfessionPhilosopher; Economist; Chemist
  • AwardsFellow Of The Royal Society