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 cannot ultimately specify the grounds (either metaphysical or logical or empirical) upon which we hold that our knowledge is true. Being committed to such grounds, dwelling in them, we are projecting ourselves to what we believe to be true from or through these grounds. We cannot therefore see what they are. We cannot look at them because we are looking with them.
Michael PolanyiI hold that the propositions embodied in natural science are not derived by any definite rule from the data of experience, and that they can neither be verified nor falsified by experience according to any definite rule.
Michael PolanyiAdmittedly, scientific authority is not distributed evenly throughout the body of scientists; some distinguished members of the profession predominate over others of a more junior standing.
Michael Polanyi