If it is true that prices are signals which enable us to adapt our activities to unknown events and demands, it is evidently nonsense to believe that we can control prices. You cannot improve a signal if you do not know what it signals.#
The essential basis of the development of modern civilization is to allow people to pursue their own ends on the basis of their own knowledge and not be bound by the aims of other people.#
The essential function of prices [is] to tell people what they ought to do in the future and … prices [can] not be based on what they [have] done in the past.#