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To combat the depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about.

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
Mean
Cures
Forced
Depression
Attempt
Credit
Misdirection
Brought
Expansion
Evil
Combat
Means
Cure

More quotes by Friedrich August von Hayek

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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.
Friedrich August von Hayek
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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.
Friedrich August von Hayek
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Socialism can only be put into practice only by methods which most socialists disapprove.
Friedrich August von Hayek
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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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Never will man penetrate deeper into error than when he is continuing on a road which has led him to great success
Friedrich August von Hayek
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If democracy is a means rather than an end, its limits must be determined in the light of the purpose we want it to serve.
Friedrich August von Hayek
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... I prefer true but imperfect knowledge, even if it leaves much undetermined and unpredictable, to a pretense of exact knowledge that is likely to be false.
Friedrich August von Hayek
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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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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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The history of government management of money has, except for a few short happy periods, been one of incessant fraud and deception.
Friedrich August von Hayek
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The more the state plans the more difficult planning becomes for the individual.
Friedrich August von Hayek
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The chief difference [between totalitarian and free countries] is that only the totalitarians appear clearly to know how they want to achieve that result, while the free world has only its past achievements to show, being by its very nature unable to offer any detailed plan for further growth.
Friedrich August von Hayek
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We shall never prevent the abuse of power if we are not prepared to limit power in a way which occasionally may prevent its use for desirable purposes.
Friedrich August von Hayek
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Competition means decentralized planning by many separate persons.
Friedrich August von Hayek
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Economic transactions between national bodies who are at the same time the supreme judges of their own behavior, who bow to no superior law, and whose representatives cannot be bound by any considerations but the immediate interest of their respective nations, must end in clashes of power.
Friedrich August von Hayek
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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.
Friedrich August von Hayek
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As is true with respect to other great evils, the measures by which war might be made altogether impossible for the future may well be worse than even war itself.
Friedrich August von Hayek
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No human mind can comprehend all the knowledge which guides the actions of society.
Friedrich August von Hayek
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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.
Friedrich August von Hayek
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And it's a necessity [for journalists] to pretend to be competent on every subject, some of which they really do not understand. They are under that necessity, I regret I'm sorry for them. But to pretend to understand all the things you write about, and habitually to write about things you do not understand, is a very corrupting thing.
Friedrich August von Hayek