Wish I'd said that - October 23, 2019

“Especially remarkable in this connection is the explicit and complete exclusion from the theory of perfect competition of all personal relationships existing between the parties. In actual life the fact that our inadequate knowledge of the available commodities or services is made up for by our experience with the persons or firms supplying them – that competition is in a large measure competition for reputation or good will – is one of the most important facts which enables us to solve our daily problems.”

“The Meaning of Competition” in Friedrich Hayek, Individualism and Economic Order