Quote of the Day: Poetry About Prices

27 May 2007 at 3:46 pm 1 comment

| Peter Klein |

One of my favorite quotes about the beauty of the price mechanism:

[The market price] synthesizes a number of factors, so that there is difficulty in identifying them and even more in forecasting them: quantities, qualities, possibilities, calculations of interest, memories, fears, hopes. A price is not only the result of statistical figures. It includes all the vibrations of man’s thoughts and soul, since ever they have exercised an influence on the market. (Louis Baudin, La Monnaie et la Formation des Prix, 1836, quoted in Hoff, Economic Calculation in the Socialist Society, p. 299.)

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1 Comment Add your own

  • 1. jonfernquest  |  28 May 2007 at 12:38 am

    “poetry about prices”

    Balzac did this for early 19th century France in his 100 novels.

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