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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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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
History
Incessant
Money
Fraud
Government
Deception
Management
Periods
Except
Short
Happy

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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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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.
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Competition means decentralized planning by many separate persons.
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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
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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.
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Perhaps even more than elsewhere current notions of what is desirable and practicable are here still of a kind which may well produce the opposite of what they promise.
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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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[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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What a free society offers to the individual is much more than what he would be able to do if only he were free.
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Whenever it is necessary that one of several conflicting opinions should prevail and when one would have to be made to prevail by force if need be, it is less wasteful to determine which has the stronger support by counting numbers than by fighting.
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Without a theory the facts are silent.
Friedrich August von Hayek
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Economic transactions between national bodies who are at the same time the supreme judges of their own behavior, who bow to no superior law, and whose representatives cannot be bound by any considerations but the immediate interest of their respective nations, must end in clashes of power.
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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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.
Friedrich August von Hayek
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It is neither necessary nor desirable that national boundaries should mark sharp differences in standards of living, that membership of a national group should entitle to a share in a cake altogether different from that in which members of other groups share.
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We shall never prevent the abuse of power if we are not prepared to limit power in a way which occasionally may prevent its use for desirable purposes.
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From the saintly and single-minded idealist to the fanatic is often but a step.
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Our faith in freedom does not rest on the foreseeable results in particular circumstances, but on the belief that it will, on balance, release more forces for the good than for the bad ... Freedom granted only when it is known beforehand that its effects will be beneficial is not freedom.
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Liberty'''.that condition of man in which coercion of some by others is reduced as much as possible in society
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