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And who will deny that a world in which the wealthy are powerful is still a better world than one in which only the already powerful can acquire wealth?

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
Wealth
Already
Powerful
Stills
Still
Wealthy
Better
Acquire
World
Capitalism
Deny

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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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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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The idea of social justice is that the state should treat different people unequally in order to make them equal.
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Personally I prefer a liberal dictator to democratic government lacking liberalism.
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Freedom necessarily means that many things will be done which we do not like.
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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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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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We did not realise how fragile our civilisation was.
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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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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.
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That democratic socialism, the great utopia of the last few generations, is not only unachievable, but that to strive for it produces something so utterly different that few of those who wish it would be prepared to accept the consequences, many will not believe until the connection has been laid bare in all its aspects.
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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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Without a theory the facts are silent.
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If freedom is to flourish the philosophic foundations of a free society must be kept a living intellectual issue and its implementation a task which challenges the ingenuity and imagination of the liveliest minds.
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Freedom can be preserved only if it is treated as a supreme principle which must not be sacrificed for particular advantages.
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From the saintly and single-minded idealist to the fanatic is often but a step.
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If we wish to preserve a free society, it is essential that we recognize that the desirability of a particular object is not sufficient justification for the use of coercion.
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Conservatism is only as good as what it conserves.
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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?
Friedrich August von Hayek