Friedrich Hayek Quotes
Perhaps even more than elsewhere current notions of what is desirable and practicable are here still of a kind which may well produce the opposite of what they promise.
Deming was the greatest management expert in the world. In Japan, the highest medal the government gives is the Deming Medal. He and most others have observed that merit pay tends to sound terrific to almost all, but in practice the effect on morale and productivity becomes negative and counterproductive over time. The weakness seems to be in the validity of the assessment of performance. See Ramona Arnett {619264}
Friedrich August von Hayek CH FBA, often referred to by his initials F. A. Hayek, was an Austrian-British economist and philosopher who is best known for his defence of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his "pioneering work in the theory of money and economic fluctuations and [...] penetrating analysis of the interdependence of economic, social and institutional phenomena". His account of how changing prices communicate information that helps individuals co-ordinate their plans is widely regarded as an important achievement in economics, leading to his Nobel Prize.