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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
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Possessing
Bring
Employee
Possesses
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Combined
Knowledge
Central
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Success
Firm
Deliberate
Problem
Economics
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People
Management
Spontaneous
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Direction
Interaction
Contractor

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It may be that a free society... carries in itself the forces of its own destruction, that once freedom has been achieved it is taken for granted and ceases to be valued, and that the free growth of ideas which is the essence of a free society will bring about the destruction of the foundations on which it depends.
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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.
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If democracy is a means rather than an end, its limits must be determined in the light of the purpose we want it to serve.
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Capitalism created the possibility of employment.
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No human mind can comprehend all the knowledge which guides the actions of society.
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Hayek was making us think of the productive process as a process in time, inputs coming before outputs.
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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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Liberty is an opportunity for doing good, but this is only so when it is also an opportunity for doing wrong.
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Once politics become a tug-of-war for shares in the income pie, decent government is impossible.
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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.
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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.
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Our moral traditions developed concurrently with our reason, not as its product.
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Least of all shall we preserve democracy or foster its growth if all the power and most of the important decisions rest with an organization far too big for the common man to survey or comprehend.
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I am convinced that if the market system were the result of deliberate human design, and if the people guided by the price changes understood that their decisions have significance far beyond their immediate aims, this mechanism would have been acclaimed as one of the greatest triumphs of the human mind.
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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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Why should we, however, in economics, have to plead ignorance of the sort of facts on which, in the case of a physical theory, a scientist would certainly be expected to give precise information?
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From the saintly and single-minded idealist to the fanatic is often but a step.
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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.
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Independence of mind or strength of character is rarely found among those who cannot be confident that they will make their way by their own effort.... Indeed, when security is understood in too absolute a sense, the general striving for it, far from increasing the chances of freedom, becomes the greatest threat to it.
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