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 PolanyiOur reliance on the validity of a scientific conclusion depends ultimately on a judgment of coherence; and as there can exist no strict criterion for coherence, our judgment of it must always remain a qualitative, nonformal, tacit, personal judgment.
Michael PolanyiThe amount of knowledge which we can justify from evidence directly available to us can never be large. The overwhelming proportion of our factual beliefs continue therefore to be held at second hand through trusting others, and in the great majority of cases our trust is placed in the authority of comparatively few people of widely acknowledged standing.
Michael Polanyi