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.

I hold that the propositions embodied in natural science are not derived by any definite rule from the data of experience, and that they can neither be verified nor falsified by experience according to any definite rule.

Human beings exercise responsibilities within a social setting and a framework of obligations which transcend the principle of intelligence.

Michael Polanyi Quotes