F. A. Hayek , author of The Road to Serfdom and Law, Legislation and Liberty, winner of the Nobel Prize for Economic Science in 1974, reflects on the workings of the market economy in a series of three lectures.
1: Generating Wealth
In an advanced society we must obey a certain impersonal discipline, which sometimes makes it necessary for us to change our jobs or be satisfied with a smaller income. We rarely know the particular conditions which make it necessary to pursue one course, rather than another. However, Professor Hayek argues, it is possible to learn from the prices we find on the market what should be done in our own, as well as the general interest.