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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

More quotes by 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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We certainly do not regard it as right that the citizens of a large country should dominate those of a small adjoining country merely because they are more numerous.
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The younger generation of today has grown up in a world in which in school and press the spirit of commercial enterprise has been represented as disreputable and the making of profit as immoral, where to employ a hundred people is represented as exploitation but to command the same number as honorable.
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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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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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[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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The idea of social justice is that the state should treat different people unequally in order to make them equal.
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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 curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
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The greatest danger to liberty today comes from the men who are most needed and most powerful in modern government, namely, the efficient expert administrators exclusively concerned with what they regard as the public good.
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We did not realise how fragile our civilisation was.
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This is the constitutional limitation of man's knowledge and interests, the fact that he cannot know more than a tiny part of the whole of society and that therefore all that can enter into his motives are the immediate effects which his actions will have in the sphere he knows.
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Civilization enables us constantly to profit from knowledge which we individually do not possess and because each individual's use of his particular knowledge may serve to assist others unknown to him in achieving their ends that men as members of civilized society can pursue their individual ends so much more successfully than they could alone.
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If we can reduce the risk of friction likely to lead to war, this is probably all we can reasonably hope to achieve.
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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.
Friedrich August von Hayek
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Our moral traditions developed concurrently with our reason, not as its product.
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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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'Emergencies' have always been the pretext on which the safeguards of individual liberty have been eroded.
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Wherever liberty as we understand it has been destroyed, this has almost always been done in the name of some new freedom promised to the people
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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