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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
Already
Powerful
Stills
Still
Wealthy
Better
Acquire
World
Capitalism
Deny
Wealth

More quotes by Friedrich August von Hayek

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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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Hayek was making us think of the productive process as a process in time, inputs coming before outputs.
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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 is only because the majority opinion will always be opposed by some that our knowledge and understanding progress... it is always from a minority acting in ways different from what the majority would prescribe that the majority in the end learns to do better.
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The attitude of the liberal towards society is like that of the gardener who tends a plant and, in order to create the conditions most favorable to its growth, must know as much as possible about its structure and the way it functions.
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Unlike proportionality, progression provides no principle which tells us what the relative burden of different persons ought to be the argument based on the presumed justice of progression provides no limitation, as has often been admitted by its supporters, before all incomes above a certain figure are confiscated, and those below left untaxed.
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It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only those individuals know.
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From the saintly and single-minded idealist to the fanatic is often but a step.
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If socialists understood economics, they wouldn't be socialist.
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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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...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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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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We did not realise how fragile our civilisation was.
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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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Freedom necessarily means that many things will be done which we do not like.
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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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I am certain, however, that nothing has done so much to destroy the juridical safeguards of individual freedom as the striving after this mirage of social justice.
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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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Liberty and responsibility are inseparable.
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Socialism has never and nowhere been at first a working-class movement.
Friedrich August von Hayek