Armen Alchian

“It is a general prevalence of double coincidence of information rather than wants by both parties that would avoid the use of money.”

“Where foresight is uncertain, “profit maximization” is meaningless as a guide to specifiable action.”

“The greater the uncertainties of the world, the greater is the possibility that profits would go to venturesome and lucky rather than to logical, careful, fact-gathering individuals.”

“Like the biologist, the economist predicts the effects of environmental changes on the surviving class of living organisms; the economist need not assume that each participant is aware of, or acts according to, his cost and demand situation.”

“Alchian: Perhaps it might have been more appropriate for the Nobel Prize to have gone to you and Hicks together, and [Kenneth] Arrow and [Gunnar] Myrdal together.Hayek: Oh, surely. [laughter]”