By Friedrich A von Hayek
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It is at least understandable that the prevalence of this kind of "individualism" has often made people of good will despair of the possibility of achieving order in a free society and even made them ask for a- dictatorial government with the power to impose on society the order which it will not produce itself. In Germany, in particular, this preference for the deliberate organization and the corresponding contempt for the spontaneous and un24. W. Dibelius, England (1923), pp. 464-68 of 1934 English translation.
The only genuine reduction of uncertainty consists in increasing its knowledge, but never in preventing people from making use of new knowledge. 21 Individualism and Economic Order that in consequence he be rewarded, not according to the goodness or badness of his intentions, but solely on the basis of the value of the results to others. We must face the fact that the preservation of individual freedom is incompatible with a full satisfaction of our views of distributive justice. 7 While the theory of individualism has thus a definite contribution to make to the technique of constructing a suitable legal framework and of improving the institutions which have grown up spontaneously, its emphasis, of course, is on the fact that the part of our social order which can or ought to be made a conscious product of human reason is only a small part of all the forces of society.
Capital inyested in very expensive plant is protected against obsolescence by new inventions by prohibiting the introduction of such new inventions, this increases the security of the owners of the existing plant but deprives the public of the benefit of the new inventions. Or, in other words, it does not really reduce uncertainty for society as a whole if we make the behavior of the people more predictable by preventing them from adapting themselves to an unforeseen change in their knowledge of the world.