Information costs are reduced by the existence of large numbers of buyers and sellers. Under these conditions, prices embody the same information that would require large search costs by individual buyers and sellers in the absence of an organized market.

Regarding social order, [Francis] Fukuyama writes, "The systematic study of how order, and thus social capital, can emerge in spontaneous and decentralized fashion is one of the most important intellectual developments of the late twentieth century." He correctly attributes the modern origins of this argument to F. A. Hayek, whose pioneering contributions to cognitive science, the study of cultural evolution, and the dynamics of social change put him in the forefront of the most creative scholars of the 20th century.

The supremacy of Parliament and the embedding of property rights in Common Law put political power in the hands of men anxious to exploit the new economic opportunities and provided the framework for a judicial system to protect and encourage productive economic activity

I had hoped to go to law school, but the war started, and because of the strong feeling that I did not want to kill anybody, I joined the Merchant Marine when I graduated from Berkeley.

I learned to fly an airplane, and had my own airplane during the 1960s.

My brother and sister are both older than I am and were born before my father went off to World War I.

I continue to be a photographer; I have enjoyed fishing and hunting with a close friend; and have owned two ranches, first in northern California and then in the state of Washington.