F. A. Hayek:
"... It was a sad mistake in the history of economics which prevented economists, particularly the classical economists, from seeing that the essential function of prices was to tell people what they ought to do in the future and that prices could not be based on what they had done in the past. Our modern insight is that prices are signals which inform people of what they ought to do in order to adjust themselves to the rest of the system.
I am now profoundly convinced of what I had only hinted at before, namely, that the struggle between the advocates of a free society and the advocates of the socialist system is not a moral but an intellectual conflict. Thus socialists have been led by a very peculiar development to revive certain primitive instincts and feelings which in the course of hundreds of years had been practically suppressed by commercial or mercantile morals, which by the middle of the last century had come to govern the world economy..."
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