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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
Confess
Nobel
Establish
Prize
Economics
Whether
Decidedly
Must
Consulted
Advised

More quotes by Friedrich August von Hayek

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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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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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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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Socialism has never and nowhere been at first a working-class movement.
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The Germans would appear as the disturbers of peace, as they already do to some people, merely because they were the first to take the path along which all the others were ultimately to follow.
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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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
Friedrich August von Hayek
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It is not the source but the limitation of power which prevents it from being arbitrary.
Friedrich August von Hayek
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While an equality of rights under a limited government is possible and an essential condition of individual freedom, a claim for equality of material position can be met only by a government with totalitarian powers.
Friedrich August von Hayek
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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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It is possible for a dictator to govern in a liberal way. And it is also possible for a democracy to govern with a total lack of liberalism. Personally I prefer a liberal dictator to democratic government lacking liberalism.
Friedrich August von Hayek
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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.
Friedrich August von Hayek
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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
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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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[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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... 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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When it becomes dominated by a collectivist creed, democracy will inevitably destroy itself.
Friedrich August von Hayek
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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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Through the inevitable mismanagement of resources and goods at the disposal of the state, all forms of collectivism lead eventually to tyranny.
Friedrich August von Hayek
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This means that to entrust to science - or to deliberate control according to scientific principles - more than scientific method can achieve may have deplorable effects.
Friedrich August von Hayek