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I must confess that if I had been consulted whether to establish a Nobel Prize in economics, I should have decidedly advised against it.
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
Economics
Whether
Decidedly
Must
Consulted
Advised
Confess
Nobel
Establish
Prize
More quotes by Friedrich August von Hayek
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 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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From the saintly and single-minded idealist to the fanatic is often but a step.
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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.
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If socialists understood economics, they wouldn't be socialist.
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We must shed the illusion that we can deliberately 'create the future of mankind'
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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.
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I am convinced that if the market system were the result of deliberate human design, and if the people guided by the price changes understood that their decisions have significance far beyond their immediate aims, this mechanism would have been acclaimed as one of the greatest triumphs of the human mind.
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Socialism can only be put into practice only by methods which most socialists disapprove.
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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 argument for liberty is not an argument against organization, which is one of the most powerful tools human reason can employ, but an argument against all exclusive, privileged, monopolistic organization, against the use of coercion to prevent others from doing better.
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The great aim of the struggle for liberty has been equality before the law.
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Conservatism is only as good as what it conserves.
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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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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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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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Without a theory the facts are silent.
Friedrich August von Hayek
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.
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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.
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