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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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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
Management
Spontaneous
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People
Direction
Interaction
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Bits
Competitive
Possessing
Bring
Employee
Possesses
Within
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Combined
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Employees
Firm
Deliberate
Success
Economics
Senior
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Socialism constitutes a threat to the present and future welfare of the human race, in the sense that neither socialism nor any other known substitute for the market order could sustain the current population of the world.
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From the saintly and single-minded idealist to the fanatic is often but a step.
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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.
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As is true with respect to other great evils, the measures by which war might be made altogether impossible for the future may well be worse than even war itself.
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... I prefer true but imperfect knowledge, even if it leaves much undetermined and unpredictable, to a pretense of exact knowledge that is likely to be false.
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Nothing is more securely lodged than the ignorance of the experts.
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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.
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Inflation is probably the most important single factor in that vicious circle wherein one kind of government action makes more and more government control necessary. For this reason all those who wish to stop the drift toward increasing government control should concentrate their effort on monetary policy.
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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.
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It seems to be almost a law of human nature that it is easier for people to agree on a negative program - on the hatred of an enemy, on the envy of those better off - than on any positive task.
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[The] impersonal process of the market ... can be neither just nor unjust, because the results are not intended or foreseen.
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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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Socialism can only be put into practice only by methods which most socialists disapprove.
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.
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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The power which a multiple millionaire, who may be my neighbor and perhaps my employer, has over me is very much less than that which the smallest functionaire possesses who wields the coercive power of the state, and on whose desecration it depends whether and how I am allowed to live or to work.
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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.
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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.
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I was quite depressed two weeks ago when I spent an afternoon at Brentano's Bookshop in New York and was looking at the kind of books most people read. That seems to be hopeless once you see that you lose all hope.
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