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Hayek was making us think of the productive process as a process in time, inputs coming before outputs.

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
Thinking
Output
Input
Productive
Coming
Making
Process
Time
Outputs
Think
Inputs

More quotes by Friedrich August von Hayek

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[Socialistic] economic planning, regulation, and intervention pave the way to totalitarianism by building a power structure that will inevitably be seized by the most power-hungry and unscrupulous.
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To combat depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about because we are suffering from a misdirection of production, we want to create further misdirection -- a procedure which can only lead to a much more severe crisis as soon as the credit expansion comes to an end.
Friedrich August von Hayek
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We shall all be the gainers if we can create a world fit for small states to live in.
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I regard it in fact as the great advantage of the mathematical technique that it allows us to describe, by means of algebraic equations, the general character of a pattern even where we are ignorant of the numerical values which will determine its particular manifestation.
Friedrich August von Hayek
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With the exception only of the period of the gold standard, practically all governments of history have used their exclusive power to issue money to defraud and plunder the people.
Friedrich August von Hayek
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The central problem of management is how spontaneous interaction of people within a firm, each possessing only bits of knowledge, can bring about the competitive success that could only be achieved by the deliberate direction of a senior management that possesses the combined knowledge of all employees and contractors
Friedrich August von Hayek
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The history of government management of money has, except for a few short happy periods, been one of incessant fraud and deception.
Friedrich August von Hayek
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The attitude of the liberal towards society is like that of the gardener who tends a plant and, in order to create the conditions most favorable to its growth, must know as much as possible about its structure and the way it functions.
Friedrich August von Hayek
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Nothing is more securely lodged than the ignorance of the experts.
Friedrich August von Hayek
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Socialism has never and nowhere been at first a working-class movement.
Friedrich August von Hayek
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It seems to me that socialists today can preserve their position in academic economics merely by the pretense that the differences are entirely moral questions about which science cannot decide.
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 argument for liberty is not an argument against organization, which is one of the most powerful tools human reason can employ, but an argument against all exclusive, privileged, monopolistic organization, against the use of coercion to prevent others from doing better.
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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Economic control is not merely control of a sector of human life which can be separated from the rest it is the control of the means for all our ends. And whoever has sole control of the means must also determine which ends are to be served, which values are to be rates higher and which lower, in short, what men should believe and strive for.
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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Freedom necessarily means that many things will be done which we do not like.
Friedrich August von Hayek
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The Germans would appear as the disturbers of peace, as they already do to some people, merely because they were the first to take the path along which all the others were ultimately to follow.
Friedrich August von Hayek
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We know: of course, with regard to the market and similar social structures, a great many facts which we cannot measure and on which indeed we have only some very imprecise and general information.
Friedrich August von Hayek
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The mischievous idea that all public needs should be satisfied by compulsory organization and that all the means that individuals are willing to devote to pubic purposes should be under the control of government, is wholly alien to the basic principles of a free society.
Friedrich August von Hayek