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[The] impersonal process of the market ... can be neither just nor unjust, because the results are not intended or foreseen.

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
Process
Foreseen
Impersonal
Unjust
Intended
Market
Neither
Results
Justice

More quotes by Friedrich August von Hayek

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Through the inevitable mismanagement of resources and goods at the disposal of the state, all forms of collectivism lead eventually to tyranny.
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The progress of the natural sciences in modern times has of course so much exceeded all expectations that any suggestion that there may be some limits to it is bound to arouse suspicion.
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Liberty and responsibility are inseparable.
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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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The ultimate decision about what is accepted as right and wrong will be made not by individual human wisdom but by the disappearance of the groups that have adhered to the wrong beliefs.
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The power which a multiple millionaire, who may be my neighbor and perhaps my employer, has over me is very much less than that which the smallest functionaire possesses who wields the coercive power of the state, and on whose desecration it depends whether and how I am allowed to live or to work.
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At a time when most movements that are thought to be progressive advocate further encroachments on individual liberty, those who cherish freedom are likely to expend their energies in opposition. In this they find themselves much of the time on the same side as those who habitually resist change.
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Socialism constitutes a threat to the present and future welfare of the human race, in the sense that neither socialism nor any other known substitute for the market order could sustain the current population of the world.
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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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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.
Friedrich August von Hayek
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Planning leads to dictatorship because dictatorship is the most effective instrument of coercion and the enforcement of ideals and, as such, essential if central planning on a large scale is to be possible.
Friedrich August von Hayek
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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.
Friedrich August von Hayek
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We did not realise how fragile our civilisation was.
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Any man who is only an economist is unlikely to be a good one.
Friedrich August von Hayek
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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.
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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The moral consequences of totalitarian propaganda...are destructive of all morals because they undermind one of the foundations of all morals: the sense of and respect for truth.
Friedrich August von Hayek
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There is, in a competitive society, nobody who can exercise even a fraction of the power which a socialist planning board would possess.
Friedrich August von Hayek
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Without a theory the facts are silent.
Friedrich August von Hayek
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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.
Friedrich August von Hayek