But the system of prices ruling the market not only transmits information in the light of which economic agents can mutually adjust their actions, it also provides them with an incentive to exercise economy in terms of money.

An outstanding teacher; two of his pupils won Nobel Prizes. He emigrated to Germany working at the Kaiser Wilhelm Institute and then to England working at the University of Manchester. He pioneered the theory of fiber diffraction analysis in 1921 and the dislocation theory of plastic deformation of ductile metals and other materials in 1934.