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There may be few instances in which the superstition that only measurable magnitudes can be important has done positive harm in the economic field: but the present inflation and employment problems are a very serious one.
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
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More quotes by Friedrich August von Hayek
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.
Friedrich August von Hayek
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
Friedrich August von Hayek
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.
Friedrich August von Hayek
To combat the depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about.
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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.
Friedrich August von Hayek
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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The conservative feels safe and content only if he is assured that some higher wisdom watches and supervises change, only if he knows that some authority is charged with keeping the change orderly.
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To act on the belief that we possess the knowledge and the power which enable us to shape the processes of society entirely to our liking, knowledge which in fact we do not possess, is likely to make us do much harm.
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Competition means decentralized planning by many separate persons.
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The more I learn about the evolution of ideas, the more I have become aware that I am simply an unrepentant Old Whig-with the stress on the old.
Friedrich August von Hayek
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
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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Our moral traditions developed concurrently with our reason, not as its product.
Friedrich August von Hayek
We can either have a free Parliament or a free people. Personal freedom requires that all authority is restrained by long-run principles which the opinion of the people approves.
Friedrich August von Hayek
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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Once politics become a tug-of-war for shares in the income pie, decent government is impossible.
Friedrich August von Hayek
It may be that a free society... carries in itself the forces of its own destruction, that once freedom has been achieved it is taken for granted and ceases to be valued, and that the free growth of ideas which is the essence of a free society will bring about the destruction of the foundations on which it depends.
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The mischievous idea that all public needs should be satisfied by compulsory organization and that all the means that individuals are willing to devote to pubic purposes should be under the control of government, is wholly alien to the basic principles of a free society.
Friedrich August von Hayek
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
The more the state plans the more difficult planning becomes for the individual.
Friedrich August von Hayek
