Hayek on Marxism vs economic reality:“Marxists can never understand the functioning of the market. They believe it’s the costs which determine prices.”“The truth is exactly the opposite: it’s prices which tell people how much cost they ought to involve. It is prices by which the knowledge of millions of people can be conveyed to others and serve as a guide to them.”
1:15
Hayek on Marxism vs economic reality:“Marxists can never understand the functioning of the market. They believe it’s the costs which determine prices.”“The truth is exactly the opposite: it’s prices which tell people how much cost they ought to involve. It is prices by which the knowledge of millions of people can be conveyed to others and serve as a guide to them.”
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