To create conditions in which competition will be as effective as possible, to prevent fraud and deception, to break up monopolies- these tasks provide a wide and unquestioned field for state activity.
Competition means decentralized planning by many separate persons.
Competition is like experimentation in science, a discovery process, and it must rely on the self interest of producers, it must allow them to use their knowledge for their purposes, because nobody else possesses the information
..where effective competition can be created, it is a better way of guiding individual efforts than any other... regards competition as superior not only because it is in most circumstances the most efficient method known but even more because it is the only method by which our activities can be adjusted to each other without coercive or arbitrary intervention of authority.
