...eliminated. It does not matter for our purpose—and it is significant that it does not matter—which of these two causes has made tin more scarce. All...employed elsewhere and that, in consequence, they must economize tin. There is no need for the great majority of them even to know where the more urgent need...

...simple and commonplace instance of the action of the price system to see what precisely it accomplishes. Assume that somewhere in the world a new opportunity...employed elsewhere and that, in consequence, they must economize tin. There is no need for the great majority of them even to know where the more urgent need...

...simple and commonplace instance of the action of the price system to see what precisely it accomplishes. Assume that somewhere in the world a new opportunity...employed elsewhere and that, in consequence, they must economize tin. There is no need for the great majority of them even to know where the more urgent need...

...laureate Friedrich Hayek describes how the market process works when a resource (tin) becomes scarcer: All that the users of tin need to know is that some...employed elsewhere and that, in consequence, they must economize tin. There is no need for the great majority of them even to know where the more urgent need...

...sources of supply of tin has been eliminated. It does not matter for 70 our purpose - and it is very significant that it does not matter - which of these...employed elsewhere, and that in consequence they must economize tin. There is no need for the great majority of them even to know where the more urgent need...

...does not matter for our purpose — and it is significant that it does not matter — which of the two causes has made tin more scarce. All that the...employed elsewhere and that, in consequence, they must employ less tin. . . . The whole acts as one market, not because any of its members survey the whole...

...their plans. Consumers do not, for example, need to know why the tin has become more scarce ; all they need to know is that some of the tin they used to...and that, in consequence, they must economise tin. There is no need for the great majority of them to even know where the more urgent need has arisen,...

...eliminated. It does not matter for our purpose—and it is significant that it does not matter—which of these two causes has made tin more scarce. All...employed elsewhere and that, in consequence, they must economize tin. There is no need for the great majority of them even to know where the more urgent need...

...raw materials, say tin, has arisen, or that one of the sources of supply of tin has been eliminated. It does not matter . . . which of these two causes...employed elsewhere, and that in consequence they must economize tin. However, prices do not provide any guide to entrepreneurs who would like to know if...

...raw materials, say tin, has arisen, or that one of the sources of supply of tin has been eliminated. It does not matter ... which of these two causes has...employed elsewhere, and that in consequence they must economize tin." To Hayek, producers need only to look at the prevailing price of tin when making production...