Famous quote by Michael Polanyi

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But the system of prices ruling the market not only transmits information in the light of which economic agents can mutu
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"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"

- Michael Polanyi

About this Quote

This quote by Michael Polanyi suggests that the system of prices in the market is not just a method for financial agents to interact and adjust their actions, but likewise a method to incentivize them to be affordable with their cash. The system of costs supplies financial agents with information about the market, such as the expense of products and services, which allows them to make informed decisions about their purchases. Additionally, the system of costs encourages financial representatives to be mindful of their spending by providing them with a reward to be economical. By comprehending the prices of products and services, economic agents can make decisions that will assist them save cash and optimize their resources. In this method, the system of costs in the market works as a powerful tool for economic representatives to interact and be economical with their cash.

About the Author

Michael Polanyi This quote is written / told by Michael Polanyi between March 11, 1891 and February 22, 1976. He was a famous Scientist from Hungary. The author also have 17 other quotes.

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