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 PolanyiWe could not, for example, arrive at a principle like that of entropy without introducing some additional principle, such as randomness, to this topography.
Michael PolanyiWhile tacit knowledge can be possessed by itself, explicit knowledge must rely on being tacitly understood and applied. Hence all knowledge is either tacit or rooted in tacit knowledge. A wholly explicit knowledge is unthinkable.
Michael Polanyi