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It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only those individuals know.

Friedrich August von Hayek

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Friedrich August von Hayek
Age: 92 †
Born: 1899
Born: May 8
Died: 1992
Died: March 23
Economist
Historian
Philosopher
Political Scientist
University Teacher
Vienna
Austria
Friedrich August von Hayek
Friedrich von Hayek
Friedrich A. von Hayek
Friedrich A. Von Hayek
F. A. von Hayek
Friedrich August Von Hayek
Hayek
F. A. Hayek
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More quotes by Friedrich August von Hayek

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The more I learn about the evolution of ideas, the more I have become aware that I am simply an unrepentant Old Whig-with the stress on the old.
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...the case for individual freedom rests largely on the recognition of the inevitable and universal ignorance of all of us concerning a great many of the factors on which the achievements of our ends and welfare depend.
Friedrich August von Hayek
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Without a theory the facts are silent.
Friedrich August von Hayek
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And it's a necessity [for journalists] to pretend to be competent on every subject, some of which they really do not understand. They are under that necessity, I regret I'm sorry for them. But to pretend to understand all the things you write about, and habitually to write about things you do not understand, is a very corrupting thing.
Friedrich August von Hayek
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Many who think themselves infinitely superior to the aberrations of Nazism, and sincerely hate all manifestations, work at the same time for ideals whose realization would lead straight to the abhorred tyranny.
Friedrich August von Hayek
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It is perhaps the most characteristic feature of the intellectual that he judges new ideas not by their specific merits but by the readiness with which they fit into his general conceptions, into the picture of the world which he regards as modern or advanced.
Friedrich August von Hayek
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The state itself becomes more and more identified with the interests of those who run things than with the interests of the people in general.
Friedrich August von Hayek
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It is not the source but the limitation of power which prevents it from being arbitrary.
Friedrich August von Hayek
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Unlike liberalism, with its fundamental belief in the long-range power of ideas, conservatism is bound by the stock of ideas inherited at a given time. And since it does not really believe in the power of argument, its last resort is generally a claim to superior wisdom, based on some self-arrogated superior quality.
Friedrich August von Hayek
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I must confess that if I had been consulted whether to establish a Nobel Prize in economics, I should have decidedly advised against it.
Friedrich August von Hayek
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The more the state plans the more difficult planning becomes for the individual.
Friedrich August von Hayek
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Never will man penetrate deeper into error than when he is continuing on a road which has led him to great success
Friedrich August von Hayek
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The great aim of the struggle for liberty has been equality before the law.
Friedrich August von Hayek
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The chief point we must remember is that the great and rapid advance of the physical sciences took place in fields where it proved that explanation and prediction could be based on laws which accounted for the observed phenomena as functions of comparatively few variables - either particular facts or relative frequencies of events.
Friedrich August von Hayek
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The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
Friedrich August von Hayek
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'Emergencies' have always been the pretext on which the safeguards of individual liberty have been eroded.
Friedrich August von Hayek
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Planning leads to dictatorship because dictatorship is the most effective instrument of coercion and the enforcement of ideals and, as such, essential if central planning on a large scale is to be possible.
Friedrich August von Hayek
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The problems raised by a conscious direction of economic affairs on a national scale inevitably assume even greater dimensions when the same is attempted internationally. The conflict between planning and freedom cannot but become more serious as the similarity of standards and values among those submitted to a unitary plan diminishes.
Friedrich August von Hayek
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Our moral traditions developed concurrently with our reason, not as its product.
Friedrich August von Hayek
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At a time when most movements that are thought to be progressive advocate further encroachments on individual liberty, those who cherish freedom are likely to expend their energies in opposition. In this they find themselves much of the time on the same side as those who habitually resist change.
Friedrich August von Hayek