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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.

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
Building
Seized
Economic
Totalitarianism
Power
Intervention
Way
Inevitably
Regulation
Planning
Socialistic
Hungry
Pave
Structure
Unscrupulous

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We must shed the illusion that we can deliberately create the future of mankind. This is the final conclusion of the forty years which I have now devoted to the study of these problems
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Economic control is not merely control of a sector of human life which can be separated from the rest it is the control of the means for all our ends. And whoever has sole control of the means must also determine which ends are to be served, which values are to be rates higher and which lower, in short, what men should believe and strive for.
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Freedom necessarily means that many things will be done which we do not like.
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Liberty is an opportunity for doing good, but this is only so when it is also an opportunity for doing wrong.
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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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I was quite depressed two weeks ago when I spent an afternoon at Brentano's Bookshop in New York and was looking at the kind of books most people read. That seems to be hopeless once you see that you lose all hope.
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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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Personally I prefer a liberal dictator to democratic government lacking liberalism.
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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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There is, in a competitive society, nobody who can exercise even a fraction of the power which a socialist planning board would possess.
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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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The state itself becomes more and more identified with the interests of those who run things than with the interests of the people in general.
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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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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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Independence of mind or strength of character is rarely found among those who cannot be confident that they will make their way by their own effort.... Indeed, when security is understood in too absolute a sense, the general striving for it, far from increasing the chances of freedom, becomes the greatest threat to it.
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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.
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To create conditions in which competition will be as effective as possible, to prevent fraud and deception, to break up monopolies- these tasks provide a wide and unquestioned field for state activity.
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The mind cannot foresee its own advance.
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Competition means decentralized planning by many separate persons.
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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.
Friedrich August von Hayek